Financial Times , 1979, UK, English

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PUBLISHED IN LONDON AND FRANKFURT

Friday April 6 1979

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no. 27,834 Friday April 6 1979 ***is 9 ~ ^

CONTINENTAL SELLING PRICES; AUSTRIA' Soh 15: BELGIUM Fr 2 6? DENMARK Kr ZXr. FRANCS Fr SLB; GERMAN? DM 2,0; ITALY t 600; NETHERLANDS FI 2Jfc NORWAY PORTOGAL EwR <PAII* • **** ' St ^‘ ^ 3 - g;: S ? 1 1 ** HBE ■ ^

SIMM ARY

GENERAL

BUSINESS

Arms

deal

Equities
up 8.9;

stem currency

push
in U.S.

rally
by Gilts

BY PETER RIDDELL, ECONOMICS CORRESPONDENT

BY pA-VlD LASCELLES IN NEW- YORK

The failure of the UA Senate
to ratify the proposed SALT H
arms treaty could lead the
Soviet Union to Increase its
nnelear arsenal by a third and
cost the U.S330bn to match this
over the nest 10 years, Mr.
Harold Brown, Defence Secre-
tary, warned.

Mr. Brown's speech to the
New York Council on Foreign
Relations complemented
another "SALT -selling" attempt
by Mr. Zbigniew Brzezinski,
President Carter's National
Security Adviser.

The Administration is
expected to face a tough fight
to win the necessary two-thirds
majority for the treaty. Page 4

© EQUITIES made impressive
gains following the good GKN
results and the cut in Minimum
Lending Rate. The FT 30-share
index closed 8.9 points higher at
532.7.

• GILTS rallied after-hours
because of suspected foreign
support, with longs recovering
by np to 1 shorts improv-
ing by op to £. Tbe Govern-
ment Securities Index gained
0.23 to 74.77.

9 STERLING continued to
strengthen and closed 75 points
up at $2.0745. It trade-weighted
index was 68.7 (66.5). DOLLAR
was stronger against most cur-
rencies, but its trade-weighted
index was unchanged at 85.5.

Rebels take
Entebbe

O DOLLAR INVESTMENT
Premium fell 11 points to -534

Tanzanian - backed invasion
forces in Uganda captured the
main international airport at
Entebbe and are now on the
outskirts of the virtually
undefended capital of Kampala.

Tanzania said that pro-Amin
forces had launched a second
air attack on villages in the
north-west of Tanzania.

Investment Defer'
Prarium [
(Effective Rate)

THE Bank of England yester-
day acted to try to stem the
inflows of foreign currency into
the UK which have built up
strongly in the past 10 days.
Minimum Lending Rate was cut
by one percentage point to 12
per cent and the Bank was re-
ported to have stopped inter-
vening on a large scale to check
the rise in the exchange rate.

This marks an important
change of tactics compared with
tbe last month. Previously, the
Bank had sought to keep interest
rates stable and bad intervened
regularly to prevent too sharp
an appreciation in sterling. This
led to an underlying rise In the
official reserves of $lbn in
March Continuing heavy in-
flows this week apoear to have
nromnted yesterday's action
because of concern about the
possible impact on tbe growth
of the money supply.

Foreign exchange dealers
yesterday said that there were
| none of the familiar signs of
Bank intervention in the after-
noon apart, from occasional
smoothing action.

The response was a late rise
in sterling, which apreciated by
J of a cent against the dollar
to $2.0745. The trade-weighted
index, measuring the value of
sterling against a basket of

Editorial

C OF EtSGLAKTD'

p™ga*

pposttBata un* 9%~

other currencies, rose 0.2 to 66.7
to equal its February 1978 peak,
which was in turn the highest
level since summer. 1976.

The cut in MLR was imme-
diately followed by a reduction
in the base lending rates of the
clearing banks, also down from
13 to 12 per cent. This means
that a top-quality corporate
customer will be paying 13 per
cent and overdraft rates gener-
ally will be up to 16 or 17 per
cent.

The changes were led by
Lloyds Bank, which differed
from the other clearers by
reducing the rate of interest
paid oh seven-day deposit and

comment Page 18 • Money

t**' 1 " 1 ”1 . economy, this' poatidh will be;

m 3- ' The Barik : ;of England yester-

CJL **8™““** jl day- said the cut- in MLR ■ had

^ / been made in 'response to the

. -rY recent upward pressure on

2-02* . sterling in the foreign exchange

M0rYV*|F SB ^-4 market and fall in short-term.

sterling rates of interest. , The
LnliUwv j level of short-term rates mow
t,/ [0» c »7K» I T established is judged to be con*

gc Y. nil, i, fiiiii.il T - sistent with continuing-domestic

- H ^^ u Sy*[ a f monetary restraint in ’ the

65 -7 — . ~ The : authorities had been re-

f J . V * r -_ . luctant to change MIR because

M vr. V~tP fcnfc»R«w “ of uncertainty about the under-
~. l t ■ i jBf79| lying strength of bank lending

u jnl ! ra . mm am after the: record rise in ad-
1 . 1 1 ... ranees in February. They will

. not be able to tell for some time
savings accounts by 14 percen- howmach' of this rise • was * ear?

tage points to 9 per cent Tbe ceptiocai and'dire to the indSis-
other -clearers cut their deposit trial disputes and. the bad wilt-

rates by one point to 9} per ter weather:

So, faced with an immediate

The reduction in MLR will threat to monetary control from
not have any -affect on buildmg growing. Inflows from abroad;

society rates, wtech were not the Bank derided to bring' down
increased when MLR went up VLR ^ iu?p ^ the lower;

to 14 per cent on February'8.

The- Council of the Building
Societies Association said yes-

level of money market rates.
The hope is that this will re-.

terday -that the rates now dpce the pressure.To car^edn-
offered by the societies to their vienoq .wm thejnareete the

investors were , not high enough F ovc would have to be. reflected^
to produce all the funds needed “ a change m sterling mtq>

by homebuyere. But. societies ve ^?9° - ta ^ 1 9 s -
hope that with a decline in the .The . clear un
general level of rates in the Continued c

The, clear implication, is that
Continued on Rack Page

markets Page 29 • Lex Back Page

Pakistan clashes

Thousands of angry followers of
Mr. Zulfikar All Bhutto, the
hanged former Pakistan
Premier, clashed with armed
police in Rawalpindi, Lahore
and Karachi after memorial
prayer ceremonies. Page 4

per cent in the wake of felling
by institutions and others.

© GOLD rose $2 ill London to
S241J.

GATT talks on new import

NEW YORK': State -power
Officials ^derided yesterday to
teancel construction ^ r of a ?3fea
nuclear power plant, and build
a coal-fired one instead; Among
the reasons they cited was last,
week's accident at the Three
Mile . Island ; " reactor in
Pennsylvania. : The station was
to. have been bhilt by Babcock
and' Wilcox of the US:, .tee
same company that constructed
tbe Three Mile Island plant
Hie derision is-tfte first since
the accident cast; a. cloud over
the .future' of nuclear power m
the US. Although other -factors,
such': as cost overruns, contri-
buted to 1 the - cancellatibh, the
accident was clearly a signifle-
.ant factor and in - the long -run
can - be expected to add. strength
to the anti-nuclear movement-
The derision was made by~tfce
New- York State ' Power
Authority, which supplies power
to several customers in the New
York City area, including the
subway. The plant was to .have
-been a 1,200 MW futility located
in . Greene County, about 120
-miles north of the city.'.

.: According to tbe authority,
there was already . concern
about delays and accelerating
costs bn the project before- the'
Three Mile. Island accident. ,
The: . original - cost estimate
had been increased from $1.8bn
to $3Jbn mid tee start-up' date
bad been .pot back from 19% to
1989. Mi*. Frederick l Qark, the
authority's chainnam recom-
mended last - .month to - -the
trustees . responsible for. the
authority’s . operations that they
consider ■ alternatives. They
took . no action: at tee time,
however. ....

■ At yesterday’s meeting, they
'-TPq ftfiy dar ed • V Mr- ■ - ^Clark's
'- recommendaGon ■ and’; voted for
the cancellation. In a statement
afterwards - , Mr. Clark said the
Thre e Mile Island accident had
convinced' the' trustees that it
would- “ not be prudent to con-
• tknue.” The Incident mandated
caution, he said.

The authority now proposes
to seek permission to buQd a
coal-fired plant, and will try and

Iran goes
ahead

Iran is to complete all of its
four, unclear power plants now
under construction. The state-
ment runs contrary to earlier
official indications that two
French plants at an early
1 stage of construction would be
cancelled. Back Page
French to maintain pro-
gramme Page 2; Brazil stands
by' deal Page 4; Energy
Review Page 6; Nuclear
growth ' in Latin America
Page 16 -

sell off the: nuclear 'plant site,
-where excavation work, but no
actual construction, has begun.
. Meanwhile, at the Three Mile
-Island plant itself, engineers
e&me closer to their planned
“cold .shutdown” and life in
tee ^surrounding localities -re-
- turned' to normal. However, the
NtLriCar Regulatory Commission,
■ in. an initial finding, says that
htunan error compounded ^ the
reactor's mechanical problems
and weaknesses in: design.

Lord Allan dies

Lord Allan of Kilmahew died,
aged 64, in Sydney, Australia,
shortly after arriving frdm
London. His trip was to have
been a farewell visit before his
retirement from the Pearson
Longman board this summer.
Obituary Page 7

• WALL STREET rose 3.38 to
873.18 near the close. ■ -

safeguard code Jtfeak dqwi

Adviser chosen

© LLOYDS BANK Intcxrationai
has agreed a commercial credit
of up to $l00m for China, bring-
.ing the total UK ^financing
extended to Peking so far to
51.675bn. Page 25. National
Westminster Bank has signed a
?100m Eurocurrency loan wifh
China.

[. . BY BRII KHWDARtA IN GENEVA

Initial contracts signed
for twoTJK stations

'Mrs. Margaret Thatcher, Con-
servative leader, has chosen
Professor Douglas C. Hague,
deputy director of the Man-
chester Business School, as her
■personal economic adviser
daring the General Election
campaign. Back and Page 10;
Men and Matters, Page 18

e PRICE COMMISSION has
allowed Shell an average L5p a
gallon increase on its products
while it investigates an applica-
tion for price increases of about
3p a gallon. Back Page

Nkomo support

Zanu, one of the main black
parties contesting Rhodesia's
elections, said it was prepared
to back the nomination of
guerrilla leader/ Joshua Nkomo.
for President of the new black-
ruled state.

Gas explosion

© LONRHO has raised its hid
for Scottish Universal Invest-
ments by £3.3m to £43.5m. Sir
Hugh Fraser, SUITS deputy
chairman, is to recommend
acceptance. Back Page

• ROBERT FLEMING, the
London merchant bank, and T.
RoWe Price, the U.S. investment
management firm, have formed
a joint venture for managing
international investments of
U.S. institutions. Back Page

Gas Board officials were
investigating the cause of an
explosion which badly damaged
a row of houses in South
London, injuring seven people,
two of them seriously.

© SAUDI ARABIA has applied
a special $1.14 a barrel sur-
charge for its very light Bern
crude in a move to rise above |
the OPEC price increase agreed '

NEGOTIATIONS between the
EEC ' and the developing
countries aimed at agreeing a
new GATT code to regulate the
safeguard measures which can
be taken against disruptive
imports .collapsed here yester-
day. .. —

This has been a key issue
throughout -the GATT Tokyo
Round negotiations, but it is
now clear teat there will be no
safeguards code in the package
which is expected to be -finalised
next Wednesday.

This leaves a major gap in tbe
new GATT agreement. Without
a safeguards code, agreements
which have been reached includ-
ing the industrial tariff cuts, lose
much of their impact.

Safeguard measures are
covered by Article 19 of GATT.
This allows members to take
emergency measures to limit
imports when they cause, or
threaten to cause serious injury
to domestic industry. But they
have to be applied against all
suppliers regardless of which

one is deemed responsible for
the “injury.” although several
countries, including the X T K,
have broken the code by taking
selective action against a par-
ticular supplier.

The EEC insists teat such
measures should be applied
selectively against. the “offend-
ing " Importer. The EEC even-
tually managed to persuade the
U.S. and Japan to accept at least
the principle. But it has failed
to convince the . developing
countries.

The EEC itself has also been
divided on the issue. - The UK
only agreed to accept tee Tokyo
Round package after receiving
assurances from other EEC
members that tee Community
could apply the safeguards
selectively in tee absence of d
new safeguards code.

However, other members
such as West Germany, Den-
mark and tee Netherlands,
would also most certainly resist
such action.

.Yesterdays tkeakdowh in
• talks totidwed ted decision by
the EEC’s Council of. Ministers
on Wednesday not to- weaken
its stand on selectivity. The
developing countries will only
accept a form of selective action
which could' be taken with the
consent of tee: exporting coun-
tries concerned, .and with the
approval of- a committee over-
seeing the Code's applications.

Developing- country repre-T
sentatives here exptesed. sharp
disappointment at -the EEC
attitude-

EEC representatives said
their position was supported by
a wide cross-section of Indus-
trialised countries, including
the Scandinavians. But the UB.
is known to be disappointed .at
the- failure,- because - it . believes „
the absence of a safeguards
code could result in a move’
away from, tee- more liberal
world trade.

The EEC will thus- continue to
apply tee existing GATT Article

19 in vtefcbit: dafmS'thfece ffi a
loophole allowing- selectNity,
and which it says has in: the past
been r iised by many industri-
alised countries* including non-
EEC members. ' . . -

Community negotiators s\y
that teey are willing to continue
talks so that a new safeguards
code may he-conriuded later this ;
year.- It could then be added te
the , Tokyo Round package. ‘i

Editorial- Comment Page 18 --

£ in New York

V SCIENCE EDITOR - . ; — - .

h^ - Generariflg'Board and the South
bete:-s^eil: r hetw»n ' the UK. - of Scotland Electricity Board
eJettamity: supply 4ndnsfey and have : agreed to produce a.single
the~ Nnrieai Power jCompany, design of reactor; hased oin
far work on ' two . nuclear, their Hinhley and Himterston
stations^ "fit ■ Heysham In North- . designs of advanced: gas-cooled
West Eo^aod and atTorness in reactor, for the two stations. ;
Scotland/.; - . ■ -Construction of the stations is

. These : : contracts - are tore- expected to. start early next
runners pi/Thiwe for the : coc : year. Site preparations are
structinn' at “four . -'“ nuelear already underway it both sites,
-islands “-for -the. two . 1,300 MW . although work .at Tprness — a
stations, together .worth about 'greenfield - site — is further

£600m. expected to be signed behind and .will require col-
late .this year.-' struction of a sea wall.

The Nudfear^ower.Ckunpany . Opponents of nnelear energy

is the operating lartn of -te'e have been protesting about
National Nuclear " Corporation, work at Torness, since ; -the

Spot ;SZ,069S4705[S2.06SS-066&.
1 month ' 0 . <12-0.58(116^0^2-0.27 dts-
3 mor>th« jO. 65-0.60 dla 0^9-0-54 dls .
IS mqnthK L 1.45-1.3D<li* (L30-1.1S dhi

which' is In <harge of com- Goyermneot has.' refused to
mercial nuclear .re^etbr design order a public inquiry, on the

and co'nstziECtion.'

grounds that tee type of reactor

Central”..'. Electricity- ^ ^ planned is not jaew.

Bread price rise

Bread prices are set to rise by
2p a loaf from next month
unless tee Price Commission
decides to freeze the price for
three months while it investi-
gates applications from bakers.

• THE BBCs 26,000 staff
heloncdng to the journalists and
broadcasting unions are likely
to accept a pay deal giving rises
of 17 per cent over 18 months
from last autumn . ' Page 10

Dockers block Dunlop material
in protest at Speke closure

BY NICK GARNETT, LABOUR STAFF

Cleveland find

A sharp-eyed schoolboy from
Cleveland, Ohio, who spotted a
faded $10 Obill in the rubble of
a demolished house-, sparked a
search by hundreds of people
who sifted $800,000 worth of
Depression vintage notes from
tee debris.

© LEYLAND VEHICLES, the
truck and bus division of BL,
had a loss of £I5m last year.
Page 7. Support for a strike
threatened by BL Cars' craft-
workers appears to be weaken-
ing. Page 10

Briefly - - -

Tote will sponsor the Chelten-
ham Gold Cup Steeplechase to
the tune of £J35,000 over the
next three years- Racing, Page
16

Humourist Auberon Waugh may
stand in tee General Election —
on behalf of dogs.

Orpllan child In Madhya
Praflesh. India, was slaughtered
in~a tribal sacrifice to the gods,
court was told.

COMPANIES

• GKN steel products group
raised pre-tax profits from
£31. 5m to £45 .3m in the second
half of 1978. taking the yearly
total to £87 .3m (£72.3m). Page
20 and Lex

© EO WATER CORPORATION
increased pre-tax profits by
£3m to £90ra for 1978, sales
dropped from £1.72bn to
£L56bn. Page 20 and Lex

• D ALGETY, the agricultural
products merchant, intends to
pay £16 .Pm -£19. 4m for Martin-
B rower, the UJ3. -based food dis-
tributor which had sales of
around £290m last year. Page 23 j

DOCKERS AT Southampton and
Liverpool began last night
blacking all materials to and
from Dunlop's British factories,
-according to union officials.

Car workers at Ford’s Hale-
v.nod plant also took sympa-
thetic action by refusing to fit
Dunlop -tyres or new vehicles —
affecting 5 per cent of the tyres
fitted at the factory.

The effects of a co-ordinated
campaign being, organised in
support of workers fighting
Dunlop’s planned closure af its
Speke plant on April 19 could
spread quickly.

Tomorrow the unofficial
national port shop stewards
committee will he urged by its
senior members to extend the
action to all main ports.

There was some confusion
yesterday about the effective-
ness of union action. At South-
ampton' port employers said

they had not been notified of
the blacking decision at teeir
docks. At Liverpool two
container-loads of tyres were
declared "black.” But Dunlap
said they were Czech-made
and had nothing to do with
Dunlop.

Action could also spread In
the motor industry. Production
workers at Vauxh all’s Ellesmere
Port factory on Merseyside have
been requested to stop handling
Dunlop tyres. Shop stewards
were discussing the position with '
management yesterday, but Dun-
lop products were being handled
normally.

The 11 unions at Dunlop are
calling a one-day strike on
April 11 throughout the com-
pany’s UK operations and are
seeking sympathetic support
from European unions. During
tee last one day stoppage when

half the UK workforce waited
out there was some backing
from workers in Dunlop’s Euro-
pean plants, according to the
unions. ..j-

Mr. Archie Todd, chairman of
tbe. engineering shop stewards
committee at Speke, said yester-
day teat on April 11 pickets
would be mounted at motor fac-
tories throughout the country to
win blacking support from
vehicle production workers.

Dunlop intends to close Speke,
with a loss of 2,400 jobs, mid to
reduce tee workforce . at Fort
Dunlop, Birmingham,, by 500,
and ' at Inchinnan. Glasgow, by
250 as part of a rationalisation
programme.

The company said yesterday
that any effects of union black-
ing appeared so far to have
been' very patchy.

Continued on Back Page

CONTENTS

CHIEF PRICE CHANGES

(Prices in pence unless otherwise
(prices in pence unless
otherwise indicated)
RISES

Treas. Var. 1982 £95* + tfe
Exch. 12pc *90/02 £1031 + *

A. B. Electronic ... 22S + 12
Allied Breweries ... 9S + 3i

Ba rubers 275 + 20

Rilton (P-) 246 + 10

Blackwood Morton 27 + 3

Boots - 229 + 4

British Printing ... 584 + 2}

Brown (J.) 553 + 12

Burton A 300 + 10

Carpets Int- 58 + 5

Carnm 88 + 11

De Vere Hotels ... 232 + 7
Edwards (Louis C.) 48 + 5
Grand Metropolitan 164 $+ 5J-
GL Portland Ests. 288 + 12

YESTERDAY

Indicated)

GKN 278

Keyser Ullmann ... 69

Ladbroke 239

Lilley (F. J. C.) ... 92
Marks and Spencer 116
Northern Foods ... 122

Perry (TL) 150

Phoenix Umber ... 168
Ratners (Jewellers) 86
Sot he by Parke Bmt 335
Africander Lease ... 240
General Mining ... 425
M.TJD. (Manga la) SO

Nuclear power: (1) UK strategy ... 6

(2) Growth in Latin America 18

Polities Today: Mrs. Thatcher’s possible

Cabinet Ministers 19

Oil: (1) Denmark's lifeline 2

(2) Venezuela helps its relations ... 4

Management: executive standby “ talent
bank” for industry 15

Around Britain: on the specialist cycle-
makers of England J. 16

Perfumes: sweet smell, hat'd sell ... 28
Editorial comment: interest rates in
Britain; GATT 18

Lombard: Geoffrey Owen on coal for
British Steel ; 16

Agrieuttun 31

Anarion Ntwt ... 4

Appointments 32

Arts tr

Bank Datura 22

FAILS

Baiget 24*—

Jacks (Wbl) 36-7

Startrite 168 *- 9

Sykes (H.) 80-7

Shell Transport ... 756 — 8

Commodities 31

Companies — UK 20-23

Crossword 1$

Entertain. Guide ... 16

Euromarkets 25-27

European Hews ... 2-3

European Options 30

FT-Ae tuane e 32 Property 13-14

Fooo Pnees 21 Racing 16

Inti. Companies ... 2M7 .Saleroom 8'

P *S* IB 'nfarmetien 34-35

Loners 19 Stacie Markets:

J-°* - • - 36 London 32

Lombard _ IS Wall Street ...... gp-

***w»B«ment 15 Botinm 30

Men a Menem ... IB Technical 11

- 2 Today's Even ts ... is

Money & Exohnges. £9 TV and Radio 18

Otrereoe* Mm — 3 UK News:

P" 11 *™*"* - TO General M

For latest Share Index phone 01-248 5026

■ Labour 10

Unit Treats •... 33

Weather 36

-World Trade* News 6

INTERIM STATEMENT
Coned. Gold Fields 29

ANNUAL STATEMENTS
C'tnwy Schweppes 20

Grampian HJdga. ... 22

Ladies Pride ......... 20

Scott WM. Fnd. A. . 23
PROSPECTUS
Western Matin? ... 21

.‘"V. . _•

■iAHRai

Financial Times Friday April 6 1979

EUROPEAN NEWS

Six-point plan proposed for France

BY DAVID WHITE IN PARIS

LESS DEPENDENCE on foreign
oil, more competitive industry,
a stronger farm sector, new job
opportunities, more efficient
social services and a more
'■ ■human environment — these are
■the six ** options" being pro-

■ posed for France in the 1980s.

r . The General Planning Com-
-.missariafs report on the guide*
lines to be followed in France’s
. 1981-86 national plan was
adopted by the Cabinet this
: wfeek, and now goes to the
[Economic and Social Council,
■which includes representatives
' of unions and employers.

A- Bill based on these guide*

. lines will be put to Parliament
...in early summer, setting the
stage for detailed committee
work on the plan itself, which

■ the National Assembly has to-
■approve by the end of next year.

The report, presented yester-
day by M. Michel Albert, Plan-

ning Commissioner. closely
follows M. Raymond Barre’s
Government line to date, in the
importance it gives to France’s
foreign trade balance, control
of inflation and defence of the
franc.

Growth targets have been
scrapped. Last year, half way
through the current seventh
plan, for 197880. the Commis-
sariat abandoned its original
aims for a 5.5-6 per cent anngol
growth rate. For the Eighth
plan, it aims -simply for “as
high a growth rate as possible.”
but stresses that growth must
be regular.

Balanced growth, the report
says, must go together with
maintenance of France’s foreign
payments position, a stable cur-
rency, reduction of its budget
deficit and a “pause” in the
expansion of public spending,
and a better distribution of
income.

Energy takes pride of place
in the six lines of action pro-
posed in the report It urges
intensified fuel economy, a
wider range of energy sources
and supplies, perseverance with
nuclear plans, and development
of new kinds of energy.

In the industrial sector, the
report recommends action to
strengthen, company finances,
encourage the development of
small-scale enterprises and par-
ticularly to steer more funds
into innovation and research.

The focus in the farm sector
is on the need to adapt produc-
tion structures, to improve ex-
port mechanisms and to reduce
dependence on food imports.

Prospects for job creation, it
says, will be strongest in the
services sector, where initiative
needs to be encouraged. The
report opposes trying to solve
the employment crisis by across-
the-board reductions in working

hours, but says that over lm
workers would be willing to
change to part-time jobs.

Expressing concern about
France's declining birth rate, the
report proposes greater
emphasis on social aid for the
family. But this requires bring-
ing the cost of health and other
services under control.

Finally, the report urges fresh
efforts to improve and protect
the environment, backing up re-
forms which, since 1975/ have
given France “one of the world’s
most advanced, sets of laws in
this field.” It caUs for new
urban development policies, im-
proved housing conditions, con-
trol of pollution, noise and
waste, and greater use of pub-
lic transport — and warns that
such decisions. have a more last-
ing effect than others in deter-
mining the kind, of country
France will become. .

DANISH ENERGY POLICY

A life-line from North Sea oil

BY HILARY BARNfiS IN COPENHAGEN

• 'DENMARK is one of the few
members — if not the only mem-

- her — of the International
"^Energy Agency to have trans-
^lated the IEA's appeal for a
“ 5 per cent reduction in oil

' consumption into effective
■■ action.

' ' As of April I, temperatures
"In public buildings must not
. exceed 20 degrees C, and oil

- fires are subject to compulsory

■ inspection and adjustment to

■ ensure optimum efficiency.
Display lighting in shop

• windows must be switched
off at U pm, and speed limits
were reduced in the middle of

■ last month from 55 (90) to 50
miles an hour (80 kPh) on ordi-
nary roads and from 70 (110)

rto 60 miles an hour (100 kph)

■ on motorways.

The swiftness of the Danish

- reaction is easily explained. In
1972, Denmark was entirely
dependent on Imported energy
and 93 per cent of the energy
consumed was oil-based. No
country was more vulnerable to
sudden supply shocks. Some
progress has been made with
diversifying energy supplies
since then, but in 1978 the
country was still dependent on ■
oil for 78 per cent of its enerj£
requirements.

. The reduction was obtained
by switching from oil to coal
for firing power stations. Im-
ports of coal and coke have in-
creased from 2.3m tonnes in
1972 -to 6.2m tonnes last year.

and 60 per cent of electricity
is now produced from coaL
■There is reason to expect,
however, that within the next
few years the country’s depend-
ence on imported energy
resources will be substantially
reduced. Small quantities of Oil
have been landed from the Dan
Field in the Danish sector of
the North Sea — about 500,000

sumption in 1995 of 247m giga-
calories or 35 per cent to 40 per
cent of 1978 consumption (10m
giga-calories equal lm tonnes
oil equivalent).

There is, however, an ele-
ment of speculation in the
Government’s estimates for
North Sea yield, which are
based on an analysis of actual
and potential recoverable

Denmark is one of the few countries to have
effected a five per cent decrease in oil consump-
tion. Oil imports are expected to fall further as
offshore reserves are trapped

tons in the best year so far.

This is only a fraction of total
oil and oil products imposts,
which came to 18m tonnes in
1978 (compared with 213m in
1972), but in -an energy White
Paper published last week the
Government said there was a
reasonable expectation that the
Danish sector would in future
be able to yield 3.5m to 4m
tonnes of oil a year.

The Government and the
Folketing (parliament) are also
about to make a decision to use
in Denmark the gas so far found
in the Danish sector. If the
White Paper’s projections for
gas prove correct, the North Sea
will be able to provide around
6.5m to 7.5m tonnes of oil equi-
roughly 25 per cent to 30 : per
cent of the expected fener£y con-

reserves by the U.S. consultants
De Golyer and MacNaughton.

They estimate that there are
361m tons of proven reserves,
of which 49m are recoverable,
and another 79.9m possible
reserves of which 14m tom are
recoverable. But' with an
unchanged rate of finds in
structures so far seismically
analysed there may be another
40m tons of recoverable oil
reserves in the Danish sector,
the consultants said, as well as
an extra 60bn cubic metres of
natural gas in addition to the
HObn - 120bn cubic metres
recoverable from finds made so
far.

The Danish Underground
Consortium (A. P, Moeller,
Chevron. Shell and Tekaco),
which has exclusive rights to

the Danish sector, is slightly
more cautious. It estimates that
it will be able to continue pro-
ducing 500,000 tom of oil a
year from the Dan Field, about
2m tons a year from the Gorm
Field, which is now under
development, and another
500,000 tons from the Skjoid
Field, where a -decision to
develop is still awaited. This
gives a total flow- of 3m tons a
year for a peak period in the
mid-1980s.

The Danish Underground
Consortium's estimate of
recoverable gas reserves so far
found is about 75bn cubic
metres. It and the state-owned
oil and gas distribution com-
pany, Dansk Olie og Naturgas,
recently signed an agreement
for the delivery of 55bn cubic
metres of gas in the period
1984 to 2009, with deliveries of
2.5bn cubic metres a .year in
the period 1986 to 200 2.

The Government’s overall
energy policy is designed to
reduce dependence 'on oil to
diversify sources of supply, and
to limit consumption. North £ea
oil and gas, and the switch from
oil -to coal in the power stations
are the most important factors
on the supply side, but the
White Paper said the Govern-
ment hopes to be able to take a
decision of principle- on the
development of nuclear -’energy
next year. The earliest, date at
which nuclear plants’- <fould
become operational is 1990.’

\brkshire Bank
Base Rate

With effect from 6th April 1979
Base Rate will he
changed from 13% to 12% p.a.

Reg. Office: 2 Infirmary Street
Leeds LSI 2UL .

erf Scotland

INTEREST RATES

The Royal Baiik of Scotland
Limited announces that with
effect from 6th April 1979,
its Base Rate for lending
is being reduced from
13% per annum to
12% per annum.

• J

The maximum rate of interest allowed on
Deposits lodged for a minimum period of seven
days or subject to seven days’ notice of
withdrawal at the London Offices of the Bank
will be reduced to 9 J per cent per annum.

French to
maintain

nuclear

programme

By Terry Dedswortfi In Pam . *
THE FRENCH Government has
derided to maintain its long-
term nuclear power programme,
despite the anxiety after the
accident at the Three Mile
Island power station in -the US.

The decision will keep the
industry on course for its target
production capacity of just over
40,000 MW by 1985. This would
supply about 55 per cent of
France’s electricity, and rein-
force the Government’s policy
of reducing dependence on oiL

After some slippage last
year, in the nuclear programme,
the Government last February
announced that plants would be
built, in the north and in
Lorraine. France has 15 stations
in service, 27 under construc-
tion and will start five more
this year.

Explaining the measures, M.
Andre Giraud, the Industry
Minister, said there was no
serious alternative to nuclear
power for France’s future
energy.

However, it is still felt that
France's energy supply will be
delicately balanced until 1982.
Partly because of this, and
partly because of a desire to
diversify energy resources, the
Government lias authorised the
go-ahead on two gas turbines in
Brittany, and is giving con-
sideration to a coal-fired station
-in the west, of France.

Meanwhile, France’s elec-
tricity supply utility, the EDF,
has been strongly criticised in
a report on the four-hour power
cut last December.

The special commission set
up by the Industry Ministry
criticised the EDF on four main
counts: that the. management
was too complacent; that bad
weather was not taken suffi-
ciently into account; that staged
“preventive" cuts to clients
were not implemented; and that
too much reliance was placed
on the ability of the national
supply network to come to the
aid of weak areas.

The report concludes that the
power cut which virtually
paralysed France could have
been avoided.

agree on election date

;

BY RUPERT CORNWELL IN RONE

Turkey-IMf\

deadlock

may ease

THE HONGKONG BANKGROUP

BASERATES

The Hongkong and Shanghai Banking Corporation

and

The British Bank of the Middle East

announce that their base rate for lending is being decreased
with effect from 6th April, 1979

To 12% per annum from 13% per annum

; . By Metin Munir in Ankara
DR. WALTER Lelsler-Kiep, the
West German coordinator for
the West’s multinational . emer-
gency aid ■ programme 1 for
Turkey, left Ankara yesterday,
after a 24-hour stay. -

He is. trying to find common
ground for resumption of the
dialogue between Turkey and
the IMF,, which has been
suspended since last December.

This dialogue is vital, because
unless Turkey accepts IMF con-
ditions for correcting the ills of
its economy, no credits are
likely to come from Western
states or banks.

Turkish officials • say a com-
promise may be found to the
Turkey-IMF deadlock over
devaluation. ■

AP reports from Ankara; The
,U-S. plans to increase its aid to
.-Turkey to ?500m next year, in
•view of the country's economic
’crisis and its enhanced strategic
value after the upheaval in Iran,
it was learned here yesterday.

IN AN atmosphere of .undigni-
fied confusion, Sig Gintio
Andreotti’s = caretaker -.Cabinet
failed last night to decide the
precise date of the forthcoming
General Elections here, due at
the latest op June 10.

Under the Constitution,- the
poll has to be held not earlier
than. 45, and-not later than 70
days after dissolution of the two
Chambers of, Parliament, an-
nounced by' President Sandro
Pertini on Monday.

Until 48' -hours ago, it had
been taken feu granted that the
elections would be held over
the weekend of June 9 and 10,
alongside the^dlrect elections to
the EuropeaurParliament. “

But Justice* and Interior
Ministry officials have .found
that legal and constitutional;
difficulties block such a com-
bined vote; These snags have,
predictably, been exploited for
political epds. *

The Government will make
another effort* to decide the
issue next Tuesday. By then, it
will either have succeeded in .
breaking the ^political deadlock,'
or dates otherthan June 9 and
10 will have tA be chosen. The
most likely alternative is con-
sidered to be June 3.

This somewhat ridiculous
denouement tp a nine-week
crisis follows gfe discovery that,
to hold the twfcelections simul-
taneously, ' th£ Government
would be obliged to launch a -
decree law; retiring approval
from Parliament, within 60
days. ' t.

Even if a Parliament already

dissolved Could be recalled to
.approve such a measure, the
vray would be open to obstruc-
tionism and filibustering by the
left-wing Radical Party add the
extreme Right, both of whom
said yesterday they were
opposed to the double election.

If the Government poshed on
and ordered the Joint vote, the
election result could be
challenged on a te chni c ality ,
and possibly invalidated, experts
say.

This impasse is a considerable
embarrassment for Sig. Andre-
otti. and a big worry for the
Socialists, whose entire strategy
has been to try to ensure that
their expected stron gshowing
in -Europe spills over into

national elections.

The Prime;: Minister's main
tactical concern has Jbeen to
spin out proceedings *so that the
dissolution" would : just fall
within the TO days before June
10 . '?••• • ..

It is -also widely believed That
the Radicals. Have been-tacitly
encouraged in -their defiance by
factions of the Christian 'Demo-
crats, strongly opposed to hold-
ing both elections together, and
nose too well disposed towards
Sig. Andreotti.

To hold the two polls separ-
ately would maen that a possible
saving of L150bn * (£85m) of
administrative expenses^ in-
curred by the: Government
would be lost' " ' 7;

.1

I ‘ .<■ ‘

;t£

I

U ■

T, t #

Central banker given bail

I Li*.

BY PAUL BETTS IN ROME

SIG. MARIO SARC3NELLI,
the joint Deputy Director-
General of the Bank of Italy
arrested 12 days ago in connec-
tion with judicial investigations
into allegedly irregular loans 1
granted to Societa Italiana
Resiae (SIR), one of Italy’s
major chemical companies, was
released on bail yesterday.

However, under the terms of
Italian legislation related to
public officials on bail, Sig.
Karp-i nalll has been temporarily
suspended from office. .. _

The Bank of Italy has
vigorously denied the charges
against Sig. Sarcinelli and Dr.

Paolo Baffi, the highly respected
central bank Governor, which
specifically relate to allegations
that the two .senior, officials
failed to ; notify the judicial
authority about the findings of
a central bank inspection into
subsidised . credits granted to
SIR by the . Sardinian .sf^rial
credit institute, - jCredito
Industrial Sardo (CIS).

The unprecedented, initiative
by- the magistrates Involved in
the protracted SIR inquiries
which opened some 18 months
ago, has provoked a ; major .con-
troversy -between -the-: Italian :
political and economic establish-
ment and the judiciary. ■*%■•'.

] 0B*'

Reccfyery for W. German orders

s S*

*5j!

*6 ii'-'
fe -■

jS w

BY ADRIAN dUcKS IN BONN

*S

West German
industry
y . during
e effects of
oppage dur-
astog by 5
nth-to-month

NEW ORDERS
manufacturing
recovered
February from
the steel ind
ing January,
per cent on a
basis. - *

The • new-
according to p:
issued by the F
Office yesterday,
high level of December, when
it was boosted bx? several very
large orders. -*■

The Economics Ministry said
yesterday that large orders had
played a part in pushing up the

ers index,
inary figures
al Statistical
ached, the

February totals, but the climb
in new orders was broadly
based. There was little differ-
ence in the rates of Increase of
export and domestic new orders.-
The figures show that capital
goods, often seen as the key-
category, and semimanufac-
tures both registered a healthy
5 per cent gain. New orders for
consumer goods, on the other
hand, grew by only 2' per cent
On a year-to-year basis, new
orders during the two months
January and February were up
by 8.5 per cent overall, with
export orders up 13 per -cent
and domestic orders by 7 per

cent compared with the stnffiar
period of 1978. - The capital ,
goods- sector showed a healthy
12.5 per cent gain. .*• • •
Provisional February balance-
of-payments figures issued -by
ftie Bundesbank yesterday
s howe d a deficit of DM3.03bn
(£777m) for the month; caused
by the continued . outflow of
short-term funds oh the capital
account In January there was
a DM 2J23bn deficit
However, capital outflows on
both the long-term and short-
term accounts . were in them-
selves substantially less-than
during January/:

. -an. t

Pinto heads for pay showdown

BY JIMMY BURNS IN LISBON

THE GOVERNMENT of Sr
Carlos Mota P into, Portugal's
Prime Minister, . appears to be
heading for another confronta-
tion with Parliament, less than
two weeks after the defeat oE
its Budget and short-term eco-
nomic plan.

This emerged yesterday when
the Government announced it
intended to push ahead with
plans to hold salary increases
this year to 18 per cent.

The original proposals stipu-
lating the ceiling was refused
ratification by Parliament
earl ier this week when the
Socialists and Communists coffi-
biued to vote against it. The
centre-right Social Democrats

(PSD) and theXhristian Demo-
crats (CDS) abstained, -saying
they also objected to the 18 per
cent proposal;

Yesterdays . Cabinet, etatemgnt
accused Parliament af “causing
hardship to - Portuguese
workers” since a jlack of
adequate legislation ifcas pre-
venting pay claims froth being
settled. 1 -*:•

Tbe Government’s wages
policy pegs this year's salary
increases to an inflation target
of 18 per cent although mis
assumption is now .beginning ip
be challenged. •

Portugal rose by L8 per cent
in February, • representing an.
annual rate of 222 per cent
Economists here feel that this
pattern is unlikely to change
substantially.

3 fc 1 '

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idal: Times Friday April 6 1979

EUROPEAN NEWS

THE FIGHT TO LEAD THE SOCIALISTS OF FRANCE

is set to win

OVERSEAS NEWS

BY ROBERT MAl/FHNEftj IN. PARIS

M. FRANCOIS MITTERRAND.
is almost certain to be re-elected
leader of the. French 'Socialist
Party at .its three-day National
, Congress which opens in' Mete,
Eastern France today.

After the deeper rifts in -the
party which appeared following
■ the . . .Socialist - Communist

alliance’s defeat in last year's
General Election, ^Mitterrand
has recently made up. much of
the ground he -.lost to his ma i n
rival, JL Michel Rocard, 48. : . .

Last weekend, AO- per^ cent of
the Socialist Party'. Regional
Federations voted in favour of
Iff. Mitterrand’s resolution to be
submitted to the Congress.

Only 20 per cent backed M.
Ro card's motion,. with; some 14
per cent supporting the motion
of M. Jean-Pierre .Chevenemfint^
leader of the party ’s Left- wing.

Assured of another S per cent
of the votes cast for a separate
motion, tabled* by Iff.. Gaston
Deferre, Mayor of Marseilles—
one of M, Mitterrand’s most
powerful supporters— the party

leader needs only a few extra
votes to win an absolute
majority.

The simple arithmetic of the
likely outcome of the voting
tells only part of the story and
masks serious divisions .in the
parly over basic strategy.

M. Mitterrand's, avowed

objective of winning some con-
sensus will be extzemely diffi-
cult, if. not. impossible to
-achieve. -

• The party leaders, thesis that
the Socialists’ only .hope of
gaining power rests' In contin-
uing an alliance with the Com-
munists, despite all the differ-
ences between the. two parties,
has' won him the .grudging
support of M. Chevenement’s
. Left-wing group. ‘

. . M..' Rocard and his supporters
have different views on the sub-
ject, but continue to: pay lip-
service to the Union of the Left.

M. Bocard, one of the chief
critics of the Communists’
nationalisation and economic
programme — . disagreement

about which lost th e Left the
last General Election— is a firm
defender of a mixed market
economy.

He does not like to be
branded a traditional Social
Democrat, but believes that the
Socialist Party should make a
frank break with Marxist
ideology and affirm its own
identity.

The results of the first round
of voting in the last General
Election, not, to speak of the
recent local elections in which
the Socialists polled 20 per cent,
show it is now the country's
biggest single party and can
stand ou its own feet. If
necessary.

Occupying the middle ground
is M. Pierre Mauroy, Mayor of
Lille and president of the
powerful Word and Pas de
Calais Federation. Be basically
Supports M. Rocard's views, but
wants to find a compromise
between the latter and M.
Mitterrand.

The dile mm a facing the party

M. FRANCOIS MITTERRAND

leader is whether he should go
it alone and attempt to impose
bis views on the conference, as'
so often in the past, or whether
he should try to reach a com-
promise agreement.

If he chooses the first solu-
tion, the split in the party is
bound to get worse. If be
plumps for the second option,
the policy arguments within the
leadership are likely to be no
less fierce than before.

Moscow clamps down

group

BY. DAVID: SATTER IN MOSCOW

SWEEPING SANCTIONS have
been imposed on the writing of
23- Soviet literary figures in
retaliation for their participa-
tion in compiling the “ Metro-
pol” almanac, which .was- in-
tended as a challenge to the
Soviet literary' censorship. .

The authors include such
popular Soviet writers- as the
novelists; VassilyV Aksyonov.
Fazil Iskander and . Andrei
Bitov, and the poets Andrei
Voznesensky and Bella Akhma-_
dulina, as well as many younger
and less, well-known writers.

All .publication of the work of
these writers' has been cancelled
and they have:been barred fro nr.
official literary functions. Some
-authors have .been; deprived of.
contracted literary work and all
mention of their names has;,
been dropped from the; official
press, v . r .

Metropol was the- title given
to an anthology of original prose
and poetry works- by the . 23 •.
authors. It was submitted; to;
the Soviet Writers* Union ■ ofi:
January, 1 18, with the unpre-
cedented demand that it should :
not be censored, 'but published
exactly as written.' ' ■: ■ .

The WritersVUnioh said-this
was impds&Dle audifce Me$ropol
authors were ateCosed of trying
to embarrass ?the Soviet Union
and stir up. .anti-Soviet feeling
abroad: There are how plans to
publish Metropol in the U.S.

. About half the Metropol
authors were members of the
Soviet Writers’ Union- -' None of
these writers has been expelled
but, according to one view, the
Soviet authorities- are now act-
ing to make it impossible for
the Metropol writers to earn a
living.. . . ■ ; ■;

...Production or publication of
the authors’ works isTxhng cut
off. Mr. Aksyonov, the. princi-
pal editor of Metropol, for
example, wrote the libretto for
a musical which was cancelled
and the screen play for a film,
which was also cancelled. A
completed film, far' which Mr.
Aksyonov wrote thescreenplay,
has been withheld. ?'■

pblication
work
a collec-
ich was
by the
ihing
Which
March
literary

.- At the same time, ;
of Mr. Aksyonov’s
has stopped, inclur
tipu of short stories
about to. be pub!

Sovetsky Pisatel
house and a short
was to have appeare
in^Rangava, a Latvi
journal..

Bella. Akhmad
prived of a chance
ah official memorial mCfeting for
her teacher and closeffriehd. the
late. Pavel Aitokdtfky, and,
although she is a leading trans-
lator of Georgian^ poetry she
was prevented fzpm appearing
at an official.' evening of
Georgian poetry/

was vde-
Speak at

E. Germans curtail
use of D-Mark

BY LESLIE COUTT IN BERLIN

IN AN attempt to curtail the
growing use of West -German
Deutsche Marks as a second cur-
rency in East Germany, the East
German Government has
decreed that citizens will have
to convert them into special
coupons at the state bank to buy
Western goods in the chain of
Intershops. Street-long queues
have developed outside the
Intershops in every large city
and town in East Germany, as
the Government says East Ger-
mans have until April 16 in
which to buy Western products
directly for Deutsche Marks re-
ceived from relatives and
friends in West Germany.

The use of Deutsche Marks
to obtain scarce goods and ser-
vices in East Germany bas
become a major problem for the
East German Communist leader-
ship, as the Deutsche Mark was
regarded as “real” money, while
East German marks were seen
as good enough to buy basic
necessities and to pay the rept

A member of the ruling East
German' Politburo said recently
that the Intershops qpnual sales
amount to some DM 700m
(f 180ml.

One result has been that East
Germans who need a repairman
bad little chance of seeing one
unless they paid at least .part of
the bill, in advance, In West
German currency.

The J Government announce-

ment in all East German news-
papers says citizens will obtain
non- transferable coupons in
various denominations for their
Western currencies. These are
presumably to be made out in
the buyer’s name, thus prevent-
ing their use as a substitute cur-
rency for the Deutsche Mark.
The fact that buying goods at
the Intershops will no longer be
an anonymous- activity is bound
to make dealings in Deutsche
Marks more difficult for largely
law-abiding East Germans,
although not impossible.

Socialist
victory in
Greenland
elections

By Hilary Barnes In Copenhagen

WEDNESDAY'S election to
Greenland's first Parliament,
the Landsting, was a victory
for the moderate socialist
Slnxnnt ( Forward > Party. The
. preliminary results indicated
that the party will control 11
or 12 of the 21 seats.

The Parliament will
assemble when Greenland
home rule comes into foree on
.May I. A home-rule agree-
ment was approved by a big
majority of the 29,000 elec-
torate in January this year.

The only other party rep-
resented In the Lands ting will
be Atussnt (the word means
links, that is, with Denmark).
With 85 per cent of the votes
■counted. Sinmnt had 44.9 per
eent and Atussut 43.6 per
cent. Two otber parties, a
Harxist-Leninist Independent
party and a workers’ party,
failed to win any seats.

The Siumut victory in-
creases the chances that
Greenland will leave the EEC.
Siumut leaders have
demanded as a condition for
staying in the EEC that
Greenland be given a 100-mile
exclusive fishing zone.

The Danish Government
has repeatedly stated that
Greenland will be free to
leave the EEC if it wishes to.
Greenland automatically
joined the EEC with Den-
mark, of which it was an in-
tegral part. But, in the 1972
referendum, the Greenlanders
voted massively against mem-
bership.

If the Greenlanders decide
to leave, they will probably
arrange a referendum first.
This will not take place until
the Danish Government has
completed negotiations with
the EEC designed to meet
some of the Greenlanders’
special requirements.

Chinese celebrate riot
anniversary in peace

BY JOHN HOFFMANN IN PEKING

THOUSANDS OF people
gathered in Peking yesterday
to celebrate the annual Chins
Ming (Honour the Dead)
festival and the third
anniversary of the Tienanmen
riots of 1976.

Foreign observers watched
closely in the expectation that
dissatisfied members of Peking’s
democracy movement might use
the occasion for defiant demon-
strations against the leadership.

Several arrests have been
made in recent days of people
alleged to be disobeying a
Government edict limiting the
right to express dissident views
in waii posters and street meet-
ings. It was thought that civil
rights activists might protest
about the arrests-

However, uniformed and

plainclothes security officers
were on the streets in force
and incidents were few.

At Tienanmen Square, in the
centre of the city, a foreign
resident reported seeing a
woman hustled away by security
men after she had displayed a
critical poster.

About- a mile away at the the
poster-covered Wall of
Democracy, a woman carrying
a baby tried to hand out leaflets
claiming that her husband had
been wrongfully arrested. A
security man confiscated the
leaflets but left the - woman
alone.

In 1976 riots broke out when
hundreds of thousands of people
massed in Peking to honour the
late premier, Prime Minister
Mr. Chou Eo-lai. Police, under

orders, from a ’ leadership
influenced by “the gang of
four” cleared the demonstrators
a way by force. Many citizens
are believed to have been kilted
.and thousands of arreste Jwere
made. *V '

Yesterday, by contrast, most
activity in Tienanmen- Sqnare
was created by disciplined
columns of 'children'' who
marched, beat drums and laid
wreaths.

Some adults displayed
banners and scrolls of poems
commemorating Chou En-Lai
and victims of the 1976 riots.
Observers said Government
moves in recent weeks against
liberal activities now labelled
’’ ultra-democracy and anarchy '*
had clearly clamped the lid on
open dissidence.

Australian truck action widens

BY JAMES FORTH IN SYDNEY

ROAD BLOCKS set up by
Ausitratia’s truck drivers protest-
ing ag ains t new, higher, road
taxes have spread ito all main-
land States except Western
Australia. The self employed
truck and transport drivers are
blocking major highways with
their vehicles in New South
Wales (NSW). South Australia,
Victoria and Queensland.

The State capitals are virtually
under siege with major routes
blockaded by trucks although,
in most cases, the drivers are
letting private and emergency
vehicles through. But the
blockades caused traffic disrup-
tion. -in the cities as the drivers
concentrated on preventing road
transport vehicles through. This
is already leading to shortages.

The dispute began in NSW
with drivers protesting over

what they claim are too high
road taxes and too low freight
haulage charges. But the situa-
tion escalated after the drivers
walked out of a -meeting yester-
day with Mr. Peter Cox, the
NSW Minister for Transport,
claiming that the Transport
Workers' Union (TWU) had
tried to " urusde in” on the
talks, which were aimed at
settling the dispute.

Following the breakdown one
of the drivers’ negotiators, Mr.
Colin Bird, declared: “The
whole bloody nation is going to
stop. That’s it”

In NSW more than. 1,000
trucks are on the Hume High-
way south of Sydney in a 30-
mile stretch near the country
town of Yassr. The drivers are
threatening, to extend the

blockade to the national capital,
Canberra.

At this stage the blockades
have not spread to Western
Australia and the Queensland
Government has already
decided to abandon the tax. But
truck drivers are blocking the
State’s four major , highways
although they have lifted bans
on two other major entrances
into the State capital, Brisbane.

Now the NSW Government
will have to decide whether to
invoke emergency legislation
rushed through after the block-
ade began. It substantially in-
creases fines for obstructing
traffic and empowers tbe police
to forcibly remove vehicles.

The NSW Minister - : for
Industrial Relations, Mr. Pat
Hills, said it was likely the legis-
lation would be proclaimed.

NATIONAL SAVINGS BANK

al notice

t Industrial action in the Civil Service has affected fium-2 April the
operation, o&tbe National Savings Bankas computer centre in Glasgow. The
National Savings Bank^ very much regrets the effects this will have on its
services a^d offers the following advice to depositors.

. WITHDRAWALS Ordinary Accounts

JZ. Expositors requiring withdrawals are advised to tee the withdrawal
.oddemand services available through-post offices. Depositors may find it
; convenienl to use these services so as to avoid as Jar as possible the needfor
■ : .ffieirbank books to'be retainedfor examination by the National Savings
;Bank (SeeparalObelow.‘) . 7 - ; -

.3. applications to withdraw bynotice to the National Savings Bank:

. .cannot be acted upon where the account records are held on the computer
;(aU accounts with nine-digit numbers). Depositors with these, accounts are
advised hot to submit no tic ^applications until the indastrial action is ended.
A. Telegraphic withdrawals are suspended for the time being.

M^HDRAWALS Investment Accounts

5. Many applications to withdraw from these accounts already received

.warrants will be despatched on the due dates. Some have however been
hated and it wfll notbe possible to process these oraijy ferfher applications
imthtoettorrmutercanheoperatedagain.

to submit their' appiications'to the National Sayings Bank. They will be
recorded there and steps taken to issue the warrants at the end of the one
. month notice period or as soon after as the situation permits.

DEPOSITS

7. Deposits may continue to be made hnt savers should bear in mind
that toewithdrawaTservices are liable to delay as indicaiedabove.

MEW ACCOUNTS

8. New accounts may continue to be opened. The "bank books will be
issued assoonaspdstible-after the mdustrialactionis aided.

BANKBOOKS

9. New books in continuation of M books cannot be issued atpresetit

Depositors are afpresentadvised notto forward their bankbooks to the
Rational Savings Baokforthe entry of interest - .

WTLHDRAWALS ON DEMAND (see also paragraph 2 above)
30. The maximum amount of a demand withdrawal is £50 butfor
Security reasons the bank book is retained for e xamina tion at National
Savings headquarters for any withdrawal in excess of £30. Tbe book is

also retained when a second withdrawal in excess of £15 is made in a period
of 7 days. The amount which may be oblainedin a week without

mtentim of toebookis, therefore, £105. (£30 +5 x £15). .

Issued £y theDeportmentforNcitwiMlSaving^

PHILIPS

One of six Flatacraft
. . speedboats complete with a
40 hp bi)ffl^ard motor
, Or one of thirty family sets of Raleigh

'; : ; Mcycies.v: 7/?

: ! ; Rent or buy any new Philips tele- ; : ThatV £SO,000 worth in all, and the .

: y&Btry .forms 'are. at your local Philip s
■; : i -'^eeEdtii{ 3^ymrdybu<^eiit&ffie ^

^ * ^dedAge Go^petffion. t With Philips TV and VCK, | ^ tugs |

; ; You cotM ^? in one df three ISravel- you oantrayel into &e Video Age.

<• . *

Simply years ahead.

\

h

Financial Times Friday April 6 . 19 *9.

OVERSEAS NEWS

AMERICAN NEWS

Sadat plays down Arab action

BY ROGER MATTHEWS IN CAIRO

PRESIDENT SADAT reacted
mildly yesterday to the proposed
Arab political and economic
boycott of Egypt, announced in
Baghdad last weekend, and
appeared careful to avoid
further alienating the more
moderate* countries such as
Saudi Arabia and the Gulf
States. ■

In contrast to his previous
vigorous responses to -V the.
actions of the so-called
“ rejectionist " States, Mr. Sadat
said of the withdrawal of* Arab
ambassadors from Cairo: “If
they wish to- go. then we. wish,
therrr godspeed! If they wish to
come back, then *we ■will Say.
welcome.”

Mr. Sadat denied that bysign-
ing the peace treaty with Israel,
he had split the Arab world.
Speaking by implication ' to
Saudi Arabia, he said thaj: if.
some countries chose to ally,
themselves with the radical

Two explosions
hit Nicosia

TWO EXPLOSIONS, apparently
directed -against Israeli and
Egyptian targets, rocked central
Nicosia yesterday. The Cyprus
Government issued a statement
strongly condemning the
attacks.

The first explosion damaged
the entrance to a building hous-
ing the Israeli Embassy in
Cyprus. Tbe second shattered
the windows of a tourist office
which acts as the official agent
in Cyprus of Egyptair, Egypt’s
national airline. There were no
casualties. The Israeli Embassy
was not damaged'-
. Cyprus’ relations with Egypt
are strained and moves -to
restore them have failed. Cairo
severed diplomatic ties 13
months ago. after a clash- -at
Larnaca Airport between
Egyptian commandos and
Cypriot troops. Agencies.

Ba’ath parties of Syria and Iraq,
with Marxist South Yemen, or
with “the lunatic in Libya,”
then Egypt would have to say
“ goodbye ” to : them, but it
would not have been Egypt
which caused the rift

President Sadat appealed
directly to the Palestinian
people to participate tin the
process ' . that would . bring
autonomy for them on the West
Bapk and Gaza Strip, while
.warning that he would retaliate
fiercely . if guerrilla groups
attempted , to attack Egyptian
ambassadors abroad.

Tbe * . Palestinians .had. now
been placed on the start of tbe
road to autonomy, claimed Mr.
Sadat, ; who then . spoke, at
length about the sacrifices that
Egypt had made to. achieve
this for them. The peace
treaty with Jsrael, he said, was
the cornerstone -to a compre-
hensive settlement and he con-
trasted this • achievement with

the “massacres of Palestinians
in the past " by both Jordanian
and Syrian troops.

Much ' of the President's
speech of nearly three-hours
was spent 'answering domestic
criticism of the treaty. Two
statements, one issued by four
members of the Revolutionary
Command Council, set up after
the T932 revolution, and the
other, by 13 members of the
People's Assembly, had accused
Mr. Sadat of signing a separate
peace that was a sell-out of
Arab interests.

The President said be could
not understand such criticism
as b& had not abandoned any
of the principles that he. laid
before the Israeli Knesset in
November 1977. Egypt Insisted
that the Palestinians should be
given full autonomy, that Arab
Jerusalem should be returned,,
and -that Israel should withdraw
from, ail occupied territories.

Tbe treaty was- not a final

solution but was tbe start of
the peace process, he insisted.

Mr. Sadat also took sharp
exception to suggestions that
the treaty had been signed
under United States’ “auspices”
or for materiargain. The sign-
ing took place in “the presence"
of the U.S. and Egypt would
always remain free and inde-
pendent, he said.

But the military equipment
the U.S. was to provide would
enable Egypt to make up the
ground it had lost since the
1973 war with Israel.

President Sadat was given a
rousing welcome by the 360
members of the People’s
Assembly, who later heard a
detailed explanation of the
peace treaty from- the Prime
-Minister, Mr. Mustapha Khalil.
, The Assembly is expected to
ratify the treaty in. the next
24 hours, after which the docu-
ments will be exchanged with
Israel.

Grey areas in the sanctions

BY LESLIE MITCHELL IN KUWAIT

ARAB SANCTIONS against
Egypt agreed at Baghdad last
week may cause some hardship
.to. the Egyptian Government but
are not as severe as was first
thought, it is believed in Kuwait
New aid commitments from
Arab .* governments and aid
agencies are banned but
disburseme nts. under . . exlsti ng.
commitments, such as the
enormous project for expanding
the Suez Canal, will be allowed
to continue. A senior Kuwaiti
official has pointed out that new
commitments and Joans, to ..the.
Egyptian government could still
be made secretly, though he
stressed that Kuwait would not

do this.

Another financial adviser here
noted -that . an . Arab government,
could arrange a Joan for Egypt
through, for instance, a large
U.S. bank with which it had

deposits.

A four-man committee of
Kuwait’s Council of Ministers is
to produce guidelines for the
implementation of the' sanctions.
One of the grey areas which will
have to be clarified is the ques-
tion of an agreement in prin-
ciple from some Arab banks,
including Kuwaiti institutions,
for a $250m loan to Egypt. There
is no firm commitment for the
loan, whose managers include
the Union of French and Arab
Banks (URAF) and European-
Arab .Bank. .

The sanctions do not cover
tbe use by Arab ships of tbe
Suez Canal, nor by Arab oil
producers of the Sumed pipe-
line Unking Suez and the Medi-
terranean, even, though the
provision of crude oil to Egypt
(which has net self-sufficiency
in oil) is banned. But there .is

Bhutto’s followers fight police U.S carrier

BY CHRIS SHERWELL IN ISLAMABAD

THOUSANDS OF angry fol-
lowers of Mr. Zulfikar Ali Bhutto,
the hanged former Prime Minis-
ter, clashed with armed and
stick-wielding police in street
confrontations lasting several
hours yesterday.

The demonstrations, in Rawal-
pindi, Lahore, and Karachi fol-
lowed memorial prayers for Mr.
Bhutto called by leaders of his
Pakistan People’s Party.

Thousands turned up for the
ceremonies in public parks in
the three cities. When they
shouted slogans and became un-
ruly, scores of steel-helmeted
police moved in with canes and
tear-gas.

As women wailed or taunted
the police, the crowds moved to
the streets and clashes became
more violent Youths threw
stones, and burned vehicles.
Scores of people were arrested
in each city.

The disturbances' represent the
most serious 'threat Pakistan’s
martial law Government has
faced 'since arresting Mr. Bhutto
in September 1977.

Another prayer ceremony has
been called for today, the most
important day of the Muslim
week..

Disturbances were alsb re-
ported last night from other
parts of the Punjab, particularly
in Faisalabad, an industrial town.
Prayer ceremonies were held
throughout Sind, Mr. Bhutto’s
own province. Other reports of
trouble came from Nawabshah,
Khairpur and Sukkur.

Yesterday's demonstrations
may be only a foretaste of the
trouble to come, but leaders of
the Pakistan People’s Party who
are still free are not turning out
to lead the protests. Yesterday
the leadership came from the
women.

During the riots, women threw
stones, clustered - round tbe
police to release men who had
been arrested, and demanded to
be shot when they were them-
selves seized by police.'

Most bad something to say
against the military Government
“ Zi^s a dog,” they shouted. “It’s
political revenge.”

’* There's no humanity in this
country," one man insisted. All
declared their love for Bhutto,
who is already on his way to
becoming a legend.

In one ominous development
in Rawalpindi, toughs from the
extremist Islamic Brotherhood, 1
whose influence on the Govern-
ment is regarded as great,
shouted, “Long live Zia.” They
carried sticks, and at one inter-
section where buses were burn- j
ing, directed traffic and moved
the crowds, acting as police. i

Iran adopts new code for trials

BY SIMON HENDERSON AND ANDREW WHITLEY IN TEHRAN

AFTER A break of three weeks,
Iranian revolutionary courts are
to resume trials of former offi-
cials and others connected with
the Shah's regime, but new pro-
cedures are expected to avoid
much of the previous criticism
over secrecy and summary execu-
tion.

The new procedures were
made public shortly after Dr.
Mehdi Bazargan. the Prime
Minister, had told the nation in
a broadcast that it must rise

above the mentality of seeking
revenge.

In the new courts, a three-
member bench, headed by a reli-
gious judge, will be able to com-
mand witnesses to appear. Con-
trary to previous practice, defen-
dants will be given prior notice
of the charges and will have the
right to appeal.

The code still only deals with
so-called revolutionary offences
such as plundering, embezzle-
ment. relations with foreigners
and “insulting the honour of the
Iranian, people.”

An estimated 5.000 detainees
are expected to be affected by*
the new system,, most of them
arrseted by militiamen and held
virtually incommunicado since
the revolution in February.

It is not known whether the
most controversial case, that of
Mr. Amir Abbas Hoveyda, the
former Prime Minister, will
restart It was the manner of the
pre-dawn initial hearings in his
trial, at which the chaises
included "offences against God,"
that prompted the public outcry
and stoppage of all trials.

S. Africa prepares for ‘total war’

BY QUENTIN PEEL IN CAPE TOWN

A MAJOR increase in naval
defence spending, the overhaul
of the air derence system, and
the creation of a parachute -
brigade, are key elements in a
defence strategy to counter the
*' total onslaught ” being waged
against South Africa outlined in
the latest defence White Paper.

The permanet core of tbe
South African Defence Force
has also been expanded by
almost a third, in spite of a
drain of trained men over the
past two years.

The biennial review warns
that the military threat against
South Africa is intensifying " at
an alarming rate.” It reveals
that the State Security Council,
co-ordinating 15 interdepart-
mental security committees, has
been reorganised and expanded
to develop a “total national
security strategy ” to counteract
the “ total threat.”

Mr. P. W. Botha, the Prime
Minister and Minister of
Defence, also proposes £ "geo-
economic community of
interests” among the countries
of southern Africa, including
“ the concept of mutual deface
against a common enemy.”

While he warns against the
specific threat of Marxist
influence in Africa, this, he
says, is only part of the inter-
ference of international powers
—including the Western
powers— in the region putting
“ Increased political, economic
and military pressure": on
South Africa.

The increase in naval spend-
ing is a significant element in*

The ShackJetozi — to be retained in service

a defence budget for the com-
ing year of more than R2bn
(El.Hbn), but few details are
given in the White Paper of
what it will be spent on.

. The naval budget, rising from
Rill. 5m to R127.5m, envisages'
a decrease in operating costs,
but a 29 per cent increase — to
R97-2m — in spending on fixed
assets.

Although the cancellation by
the French of the delivery of
two corvettes and two sub-
marines "affected the planned
development of the navfct-
force " it had been offset by
“the very satisfactory develop-
ment of local warship construe*
tion and related industries,
which have delivered a number
of. patrol vessels for naval ser-
vice." South Africa's long-range
Shackloton reconnaissance air-
craft were to be revamped with

an extensive refit and mod-
ernised equipment, the paper
says.

Another indication of the
effect of the arms embargo is
that changes have had to be
made in the defence forces' -in-
tegrated and computerised
logistics management infor-
mation system “to deal with the
effect of embargoes.”

In general terms, the White
Paper sounds confident about
overcoming the embargoes,
. although the indications, in-
cluding the fall in air defence
- spending, suggest that they are
proving a considerable
hindrance. South Africa "Is past
the stage where it is only self-
sufficient in respect of internal
security," it says. “The conven-
tional and advanced technologi-
cal fields have been successfully
entered, and in many cases we

have succeeded in moving
through initial development and
industrialisation phases to line
production.”

But it points out that achiev-
ing a greater degree of- local
content is no longer enough,
and Armscor. the Armaments
Corporation of South Africa
which co-ordinates all arms
manufacture and supply. “ must
now also become technologically
self-sufficient in order that, in
the case of a more extensive
boycott of components and raw
materials, available alternatives
and substitutes can be utilised,
and that new generations of
advanced systems . based on
local components and raw
materials can be developed.”

It claims that South Africa is
already the foremost arms pro-
ducer in the southern hemi-
sphere.

Spending on air defence will
actually fail by 18 per cent to
R74.2m. according to the budget,
but modernisation of static air
defence radars, and extension of
the mobile system, is planned.
A new air base was opened in
1978.

Army spending still takes up
by far the largest portion of-
the budget, and is scheduled
to increase from Rlbn to
R1.13bn this year, with a 16 per
cent increase on fixed assets. A
parachute brigade has been
established to provide tbe army
with a “a quick reaction force
which may be called up and
deployed at short notice,” for
use in both conventional and
semi-conventional actions.

U.jS. wholesale price rise
hits 14% annual rate

BY JURE* MARTIN, U-Sl EDITOR, IN WASHINGTON

some fear here that President
Sadat may close the use of the
Suez Canal to ships of states
adhering to the boycott.

The resolutions of Baghdad
do not affect private sector
investments in Egypt. Sheikh
Nasser Sabah al-Ahmed, head
of Gulf Fisheries and Gulf
International, which have big
investments in Egypt, has said
in an interview that he is not
worried about his investments
in Egypt “ There is absolutely
no intention to cancel them,”
The effect of the Baghdad
resolutions on such institutions
as the Kuwait Real. Estate
-Investment Consortium, which
is part government-owned is
not yet known but one official
said- “They are doing business
in Egypt with the pirvate
sectors so I don't think they will
be affected.

and tanker
collide

SINGAPORE — The U.S. air-
craft carrier Ranger and the
fully-laden Taiwanese oil tanker
Fortune. 99,000 tons, collided ia
the South China sea yesterday.
A' four-mile oil slick, was re-
ported to have formed.

No casualties were caused by
the collision, which occurred off
the Malaysian coast about 55
miles nofth-east of Singapore.

The Philippine Government
has brought charges against !
Shou Dah-Shing, a Taiwanese
captain and his 17 crew for
bringing more than 2,300 Viet-
names refugees to Manila !
aboard the Tung An, a Hong
Kong-based cargo ship.

If found guilty of the charges
they are liable to jail terms of
10 years and a fine of about
$1,333 each.

The Tung An has been !
stranded in Manila Bay since it
arrived on December 27.

The men arc charged under a
1940 law that prohibits entry
jo the Philippines of any alien
'without the proper immigration
documents.

More than 100,000 refugees
who fled Burma into neighbour-
ing Bangladesh nearly a year-
ago have been repatriated under
an agreement reached hetweeb
the two countries, officials
reported in Rangoon yesterday.

Some 150,000 refugees would
be repatriated before the
monsoons start in laie May, tljey
estimated. No time-limit was set
for the repatriation programme.

Agencies.

Mr- Harold Brown

Failure to
sign SALT
‘could
. cost $30bn’

By David Buchan In Washington

THE failure of the U.S. Senate
to ratify the proposed SALT
n arms treaty could lead the
Soviet Union to increase its
nuclear arsenal by a third and
cost tbe U.S’. $30bn to match
this over tbe next ten years,
Mr. Harold Brown* the
Defence Secretary warned
yesterday.

Speaking to the New York
Council on Foreign Relations,
he held out the somewhat
alarming possibility that with-
out the constraints of a SALT
n treaty, the Russians might
go ahead and deploy “20 or
perhaps even 40 warheads”
on their largest inter-
continental missiles. SALT II
provisions would, ft Is
believed, restrict the number
of Individual warheads on
each missile to ten.

Mr. Brown's speech com-
plemented another “ SALT-
selling ” speech by Mr.
Zbigniew Rrzezinski, Presi-
dent Carter’s- .National
Security Adviser, in Chicago
on Wednesday. Tbe Adminis-
tration is expected to face a
tough fight on Capitol Hill to
win the necessary two thirds
Senate majority for the
treaty.

The Defence' Secretary
dwelt on the consequences of.
la failure to reach a SALT
agreement or of a Senate
rejection of it “Naturally*
we do not know what the
Soviets would do In the-
absence of a treaty, but higher
strategic system levels are
well within their capability.

like Mr. Braezinsfd, the
Defence Secretary sought to
reassure the doubters about
Soviet intentions to stick to
arms agreements. The U.S.,
Mr. Brown said, would be able
to check and detect any major
Soviet violations of SALT II
provisions in enough time to
take effective counter-
measures.

THERE WAS no relief -firom
double digit inflation for/ the
United States in March, with
the Labour Department
announcing yesterday that
.wholesale prices had risen last,
month by 1 per' cent ..

This is the same increase a£
in February and, taken with the
3.3 per cent jump in January,
means that In the first quarter,
of this year wholesale, prices
have gone up. at an annual rate
of 14.1 per cent, seasonally
adjusted, the-. 'biggest quarterly
rise in four years-.

Only two hours -before the
latest figures ' on the -producer'
price index 'were announced,-
two senior ■ Administration
officials. Mr. .^Michael Blnmen-
tbal, the Treasury Secretary,
and Mr. Alfred Kahn, the ’art ti-.
inflation adifisgr,' had told Coii- '
gress that *■ little immediate

relief from the upward inarch
of the cost of living was in
sight.

The figures were announced
hours before President Carter
was to unveil to the nation his
newest energy package, the
impact ' of which, as White
House officials admit freely,' if
painfully, would add to inflation.

■ Once again food and fuel
spurred the rise in the producer
price index (successor to -the
old wholesale price measiire-
: meat). The food component o£
the index went up by 1-2 per
cent in March, though this wa.s
at least under the rises of l.S
per cent and 1.6 per cent
recorded in January . _ and
February respectively. . <

Beef and veal prices, once
again' rose sharply; as. did eggs.'
■though fresh vegetables and
pork dropped. A glimmer of

optimism on the food front
could be discerned in the fact
that two other sub-indices,
measuring wholesale prices at
intermediate - and crude stages
of processing . rose fry only, a
modest Q.S pet cent and 0.2 per
cent respectively in March, well
under recent; levefls^^ 4 •

On the ‘fuel side, petrol prices
went ixp by. 2J9 per cent in
March -and home heating oil by
5.3 per cent'.

But inflation at the wholesale
level Was ^prevalent throughout
the economy. "The price of non-
food- items 'went up by 0.9 per
cent last month, similar to the
preceding -three, months, while
further down the line, at the
intermediate and: crude stages,
the non-fo'od sector rose by l.i
and 2.t -per cent respectively,
more thafc offsetting the modest
increases in food prices.

Car sales boom helps imports

BY JOHN WYLES IN NEW YORK

FEARS OF -still higher petrol
prices in the 0£S. appear to be
boosting sales' 1 ' .of foreign car
imports, which climbed to a
record level in Maitih.

Foreign mariafacturers cap-
tured an estimated 22.5 per cent
of the market test month ufcich
was, however^, unexpectedly
strong for the^ domestic auto
companies. As a result, total U.S.
car sales soared to an annual
rate of more .than 12m units,
which again confounds expecta-
tions of an imndiinent softening
in consumer spending.

Fuel economy has always been
a marketing strength for most
foreign importxVand analysts
partly attribute ffieir total esti-
mated sale last mpnth of 250,000
units to rising miblic concern
over petrol price*-

Pump prices of! $1 a gallon
have appeared in California
amid charges that petrol re-

tailers are exploiting the short-
ages which have appeared in
tbe wake of the Iranian crisis.

Virtually every importer
scored solid gains last month,
the only exceptions being Fiat,
British Leyland, Alfa Romeo
and Lancia. Leyland, which is
now marketing under the label
of Jaguar, Rover and Triumph
saw its sales slip 18.9 per cent
to 3,723 cars.

The leading Japanese impor-
ter, Toyota, halted its declining
trend of the past few months
and sold 19.7 per cent more
passenger cars than in. March
last year. Datsun's sales were
up 20.7 per cent and Honda’s a
remarkable 75.7 per cent Volks-
wagen's sales soared 48.5 per
cent and deliveries of its Rabbit
small car, most of which are
now produced in the U.S., were
the highest since the model's
introduction in 1975. -

March 1978 was an excep-

tionally good month for the
UJS. companies' whose sales
slipped last month by '2.1 per
cent to 864,271 units, a- far
smaller drop than expected.
Their - annual selling rate of
9.66m units was the highest
since last August and were
achieved with the help of strong
sales . campaigns . by both Ford
and Chrysler. -

General Motors’ sales were
down 3-1 per cent and its share
of the market excluding imparts .
slipped from 56.5 per cent to
56 per cent. Ford’s sales were
down 6.2 per cent and its market
share from 28.9 per cent to
27.7 per cent.

Chrjgler’s sales were off 02
per cent and its market share
up -a fraction to 13 per cent
while American Motors’ slide
continued with a 28,3 per cent
fall and a market share of 13
per cent compared with T.8 per
cent a year ago. .

■y

Brazi stands by nuclear deal

BY DIANA SMITH IN RIO DE JANEIRO

BRAZIL AND W?st Germany agreement had caused “exces- Many of the 100,000 jobs in-

do not intend to review or alter sive nervousness ’! in the Press, volved in West Germany’s

their 1975 nuclear* agreement. „ He said that the German and nuclear industry would be at

according to a eommnruoue BranHan Governments would stake ‘if Brazil rescinded or r*

S lrLI P lead for re-examination duced the agreement: it is tbe

issuea alter tauts oetween and strengthening' of all nuclear country’s largest single export'

issued 'after- talks betweeh
Chancellor Helmut Schmidt and

safety standards in the context order.

Gen. Joao Baptists Figueiredo, of the .International Nuclear

Brazil's new President. Fuel Cycle Evaluation and the tion made years ago by General

London Club. de Gaulle that it was not a

Spurred by the Brazilian . Behind the, insistence of both “ serious country.” To revoke
anti-nuclear lobby, and by the sides that the agreement, involv- or alter the agreement in the
implications of the U.S. nuclear ing equipment for eight nuclear face of internal or external
accident, the Brazilian media reactors from West Germany’s pressures, would lay the current
made it virtually Impossible for Kraftwerk-Uruon, and nuclear Government open to similar
Herr Schmidt to avoid reference fuel cycle- co-operation spon- charges. U.S. attempts to make
to tbe nudear agreement: sored by tbe German Govern- Brazil rethink the agreement
indeed, at his news conference, raent at a cost of $13.5bn lie have merely hardened its deter-

Brazil still resents an accusa-
tion made years ago by General
de Gaulle that it was not a
“serious country.” To revoke
or alter the agreement in the
face of internal or external

the Chancellor hinted that the complex factors.

mination not to do so.

VENEZUELA’S ENERGY EXPORTS

Helping the poor relations

JAMAICA and other Caribbean
islands as well as the half-
dozen Central American repub-
lics which depend on Venezuela
for oil, face a crisis because of
the rise in prices since tiio
begining of the year,
Venezuelan oil specialists
report.

“The price increase lias
been so great it appears that a
number of the countries will
simply not be able to pay fer
it." the Venezuelans add.

The price of reconstituted
crude — an energy “ cocktail "
composed of 60 per cent crude
oil and 40 per cent more costly
naphtha and distillate, and
needed by Caribbean and
Central American refineries —
will have jumped from $14.80
a barrel in the first quarter In
an average $17 on April I.

Even before the Geneva
announcement by UPEC of a
9 per cent rise in the price of
marker crude, with surcharges
of up to $4, Venezuela had
planned hefty increases for its
2m barrels a day crude and
product exports.

The OPEC decision, telescop-
ing previously programmed
quarterly price rises into a
single increase, represented
Venezuela’s position in the
two-day conference. President
Luis Herrera Campins said.

Petroleos de Venezuela
(PDVSA1. the state oil mono-
poly, is studying the effect of
the OPEC decision on its
crude and product prices.

— Experts have indicated that
about 70 cents per barrel will
be added to crude prices, but
products will suffer only
modest changes— or oven none
at all — from the curlier prices
schedule announced for the
second quarter at the begin-
ning of March.

Light crude prices could go
up to about SI7.70 a barrel for
41 gravity, $17.17 for 34 gravity
and $16-18 Tor 32 gravity, while
medium crude <26 and 24
'gravity) would be about $15.00-
$16.40.

Product prices range from
about $19 for low sulphur rosi-
dual fuel oil and $13.50 for
high sulphur, under the
.earlier schedule.

These prices include $lJ20-a-
barrel surcharge that Venezuela
had announced would be applied
to light and medium crude to
reflect market conditions.

BY KIM FUAD IN CARACAS

The Venezuelan Govern-
ment has been deeply concerned
over the plight of its Caribbean
and Central American clients
which buy more than 100,000
b/d of crude and products.

In 1974. Venezuela signed
agreements with Central Ameri-
can countries and later Jamaica
and the Dominican Republic,
partially to ■ help finance
enlarged oil costs.

The six-year Central Ameri-
can agreement (1975-80) allowed
for oil to be bought at $6 a
barrel, with the difference
between that amount and world
market prices being financed by
what amounts to a 25-year
Venezuelan loan, at 8 per cent.

and payable in local currency.

FDVSA has also helped by
charging a lower rate for
reconstituted crudes, instead of
the highest level, now about
$18.50 a barrel.

Earlier this year, Sr. Carlos
Andres Perez the former Presi-
dent, tried to put together a
special price package for the
second quarter uf 1979 under
which Caribbean and Central
American clients would have
continued to pay at the first-
quarter level.

This plan, never made public,
failed to materialise, because of
Venezuela’s supply commitments
to major international oil com-
panies which buy 65 per cent

of the country's exports.

Such a plan, moreover,

implied the use of preferen-
tial prices — anathema to oilmen,
including PDVSA.

Sr. Humberto Calderon

Bcrti, Venezuela's Oil Minister,
has indicated that the new
Administration will seek to
soften the impact of price in-
creases on its oil-poor Caribbean
and Central American neigh-
bours. .

In rejecting use of preferen-
tial prices, he indicated that
Venezuela Is likely to expand
its present economic coopera-
tion programmes in -which,
about $1.8bn have been invested
since 1974.

Midland Bank
Base Rate

Midland Bank Limited
announces that, with effect from
Friday 6th April 1979 r
its Base Rate is reduced by
1% to 12% per annum.
Deposit Accounts. Interest paid
on accounts held at branches
and subject to 7 days' notice
of withdrawal is reduced by
1% to 9i% per annum.
Abatement allowance on ledger
credit balances for personal
current accounts not qualifying for
free terms will be 7£% per annum,

i||) Midland Bank'

5

sports

'j* llOfoi ,

■ ■ ~"£ z v,r "-~

1 - i’Sr:
v -jr* •*.. *

if,-... '•■•- ;•

' ' “ - jVOij-

•^r Irt.*

;;i^s

: v.s; , r 7 ;

v? "' K.y.V

- i ;T >-T*?

* deal

c :

ions

i

w

%

t from

+-\\/
3 C?

;t C>3 !u
Ch 35

,tice
i bv

lee

0

ifif

,'npiji*

Vehicle production in

Britain in 1 978

■

743,103

Ford

430,879

Chrysler

214,098

General Motors

■ ••••• . V- • • • .

201 ,484

Exports in 1 977 (Latest available Industry figures)

BL

365,128

>

Ford

221 ,983

Chrysler

132,963

General Motors

70,714

. ..^uixeSliMr;

.' 1 ■■■.■•*•" ”’- v"- .'• * *.. ■ ■

Source SMMT

-.s', r.r/ ».c7.

_ 4 / : -

HOME&

I

BL is far and away Britain’s leading motor
manufacturer. We make almost as many vehicles
as the whole of the rest of die motor industry in
Britain. From Minis to 240 ton special purpose
trucks.

And remember; nearly 30% of the vehicles
the other major manufacturers sell in Britain are
shipped in from overseas.

Unlike BL.

96% of our home sales are vehicles made in
Britain.

We don’t just make British.

We also buy British. Our purchases in
Britain in 1978 were around ^2 billion. Far more
than any other UK-based motor manufacturer;

So much for our home record Our
record away is pretty impressive too.

’ Export statistics for the industry in 1978
are not yet available.

But our own export earnings of /j910
milli on show that over 40% of the vehicles BL
made in Britain last year were sold abroad.

And when you subtract our imports from
our exports, you’ll find we’re Britain’s biggest
foreign currency earner;

And this, in a country that stands or falls on
its exports.

So let’s not forget.

A large successful British motor industry
is fundamental to Britain.

We’re large.

We’re certainly British.

And we’re on the way to being successful

BL Limited

iJb u<

WORLD TRADE NEWS

Financial Times Friday lApiil

Fall-off in W. German
shipping registrations

BY ANDREW FISHER IN FRANKFURT

THE CONTINUING crisis in the many shipping sectors is wholly of the country’s merchant fleet
world shipping industry took its inadequate. to 6.5 years from 6.6 and in that

toll of West Germany's merchant The gloomy outlook for the of ocean-going vessels only, thus
fleet in 1978, when there was a industry was also reflected in a excluding those in coastal and
fall in total tonnage for only the drop in the number of new ships fishing trades, to 7.4 years from
second time in the past 30 years, put into service by West German 7.7.

“The German Shipowners’ owners last year. Compared with The . only sector of the West

Association (Verbami Deutscher th* 52 neyr ships tournng German fleet to increase its
Seeder) said in its latest review ® Srtwhlch were added m share of" the total last year was

Of the industry that the number tramp vessels with a rise from

to 47 vessels and 507,000 grL

u.s. win

sell arms
to Swiss

of ships s ailin g under the
national flag or registered in the
country fell from 636 to 599,
excluding coastal and fishing
vessels, with tonnage down from
9.07m gross registered tons to
S.?4m grt.

Nor did the association hold
out much hope for any increase
in 1979. since only a small
number of new deliveries was
expected, and profitability in

Compounding this declining
trend was a considerable rise in
the number of ships leaving the
West German fleet. These
totalled 89 or 854.000 grt after 57
or 406,000 grt- and most of them
were sold abroad. The last time
the total fleet showed a decline
was in 1972.

The association did find some
cause for comfort, however, in
the slight fall in the average age

12.7 per cent to 15.4 per cent of
overall tonnage.

In the largest category,
tankers, there was a fall in the
tonnage share from 40.7 per cent
to 39 per cent comprising 3.41m
grt. The proportion accounted
for by bulk cargo vessels also
eased slightly to Just over 23 per
cent at 2.03m grt, as did that of
liner ships with almost 20 per
cent and 1.72m grt

Sony to market cosmetics

BY YOKO SHIBATA IN TOKYO

SONY IS to enter the cosmetic
business this autumn in
collaboration with three French
cosmetic manufacturers.

Sony Creative Products, a

Sony subsidiary, will import such as
cosmetic materials in bulk from stationery,
three French cosmetic manufac-
turers. namely Stendhal (basic
cosmetics and make-ups).

Creation Aromatiques (per-
fumes) and SEPA (soap), which
will be packaged .in containers
designed by Sony using a hew
brand name.

Sony has been very active in
diversifying its business. Sony
Creative Products began as a
division of the CBS-Sony

(gramophone record) group in
1975 and was incorporated as
an independent company last
May. It has designed, produced
and marketed fancy products

greetings cards,
accessories, toilet
articles, kitchen and bathroom
equipment, and interior acces-
sories. It achieved annual sales
of $40m last year.

In keeping with the reputation
of French high quality cos-
metics Sony is pl anning to
market only through, major
department stores in Tokyo and
Osaka. It will not use any other
retail stores throughout Japan.
However, prices are designed to

be very competitive with those
of Japanese makers, since Sony
Creative Products will aim
especially for the young women's
market (18- to 20-years old).
For the first year, the company
expects sales to reach Y500m
(33m).

Three years ago, the company
sounded out foreign cosmetic
manufacturers; and Stendhal
agreed to produce cosmetics
suited for Japanese skin.

The company will start sales
promotion . in magazines this
autumn using the ' company’s
motto “ something different and
something new."

Short-term deficit seen for China

TOKYO-— A China expert in
the Japan External Trade
Organisation (JETRO) said
1979 and 1980 will be the most
difficult period for China’s
overall balance of payments,
because the country will have a
total deficit of $3.73bn (£1.8bn)
during the period against
present external reserves of an
estimated $4bo.

To deal with the situation,
China can switch cash contracts
,to deferred payments, cut plant
import contracts, raise loans
from advanced nations, or use

3TR reserves, Mr. . Masahiko from $1.07bn in 1979 to a. peak
Ebasbi, senior research officer of $6.90bn in 1983 and then fall

of JETRO’s international
economy section,' said in a
report

After 198o China’s overall
balance of payments will
improve steadily to a small
surplus of 310m in 1981 and a
sizeable surplus of $4.64bn in
1985, mainly because China’s
exports will increase by an
annual average of 14.4 per cent

Mr. Ebashi said China’s
accumulated debts will increase

BHP-China meeting

BY JOHN HOFFMANN JN PEKING
A GROUP of senior executives Insurance Corporation
of the Broken Hill Proprietary
Company of Australia

has

arrived in China for two weeks
of consultations which could
lead to a significant role for
Australia in the development of
China’s steel industry.

The delegation is led by Mr.
B. T. Loton, BHP’s chief general
manager, and includes experts
in steelmaking, engineering,
coke production and marketing.

The group will hold a series
of meetings with Chinese indus-
try officials to define areas in
which BHP’s technical experi-
ence could aid China’s develop-
ment plans.

China already imports
A$100m (£54 ml worth of BHP
products each year and BHP
believes the company could
competitively offer its expertise
in ore handling and blending,
coal mining' technology, en-
gineering. port development and
the production of special steels
as well as the upgrading of
existing steel plants. Mr. Loton
said there also were opportuni-
ties for the company to estab-
lish consultancy and training
services with the Chinese.

Renter adds from Canberra:
The Australian Government-
owned Export Finance and

(EFIC)

has signed an agreement to pro-
vide China with a A$50m
(£27ni) credit facility. The
facility, for the purchase of
Australian capital goods and
services, will provide 85 per
cent of the cost, with China pay-
ing the other 15 per cent cash.

China is expected to use the
credit to buy A$20m Australian
prefabricated motel units.
Repayment terms will be in
accordance with those agreed
for export financing by the
OECD.

O Tokyo Maruichi Shoji, a
Japanese trading firm, and
Chittese authorities have agreed
in principle to establish a joint
venture company to operate a
chain of Pefcing-style
restaurants in Japan. Reuter
reports from Tokyo. Under the
agreement the joint venture
will be capitalised at Y50m
(£114,000) and will be set up in
Japan towards the end of May
after ratification by the two
Governments,

Seven Japanese firms are to
participate in the project. They
will invest 51 per cent in the
total capital and the remaining
49 per cent will be financed by
the Service Corporation in
Peking.

to 33.34bn in 1985, while debt
service will decline from
31.04bn in 1979 to $870m in
1981 end then rise steadily to
$2.70bn In 1985.

At the same time, however,
China’s exports to non-
Communist nations will also
increase steadily from $9.58bn
in 1979 to $2l.7Sbn in 1985,
when the debt service ratio-
ratio of debt service to exports
—will become steady at 12.4 per
cent.

Assuming that Japanese ex-
ports of plant and equipment to
China during the 1979-85 period
will be 39bn, Japan’s total
exports to China during, the
period will be' nearly $40bn.
Reuter

By John Wicks hi Zurich

SWITZERLAND IS to buy
American arms worth a total of
$I73.5m. The order, which has
now been approved by the Gov-
ernment in Washington, covers
207 Howitzers, 160 vehicles for
the transport of munition and
225 armoured Troup carriers.
Assembly of the type M-109
Howitzers is to take place par-
tially in Switzerland. The order
had been the subject of discus-
sion earlier, this year during a
visit to the U.S. of Swiss defence
minister Herr Rudolf Gnaegi.

Irish electricity

Foster Wheeler has received a
contract valued at 374m (£40m)
from . Ireland’s Electricity
Supply Board (ESB). The con-
tract for the New Jersey-based
company, covers the engineer-
ing, manufacture and erection
of two 300 megawatt boilers at
Moneypoint, County Clare — the
site of Ireland’s first major coal-
fired generating station.

The station, which will cost
approximately 3550m to build,
is expected to be in operation
in 1985. It represents an effort
by the ESB to diversify fuel
sources for electricity genera-
tion.

Swedish beverage

Beijerinvest a major Swedish
investment company with brew-
ing and soft drinks interests,
has concluded an agreement
with the Joseph Schlitz Brewing
Company of the U.S. to market
Beliefs Raxnlosa mineral
water, writes John Walker in
Stockholm. Distribution will be
carried out through Schlitz’s
extensive American distribu-
tion network.

Rise in March sales
of Volvo and Saab

UK-Tokyo

car

BY JOHN WALKER IN STOCKHOLM

SALES OF new cars in Sweden
during March were 20,300 — a
rise of 25 per cent on February.
During the first three months
of this 'year new car sales rose
to 51,500 — an increase of 15
per cent compared with the
same period in 1978^

The pick-up in sales has given
dealers hope that this year
might see recovery of sales
which have been depressed for
the last two or three years
leaving the- appearance of a
diminishing market

By Kenneth Godding, '

Motor Industry Correspondent

A DSSL^GATJOK tram thfr- UK
Society- of Motor Manufacturers
and Traders will have talks in
Tokyo with the. Japan Auto-
mobile Manufacturers Associa-
tion (JAfifA), dh April 24>and,
for the first time foxsome years.

in the US. and Saab's prelimin- trucks to be imported into

ary figur^ is about 4,000 cars,. Argentina once again. >

an increase of 12-14 per cent. • MITSUBISHI Motors Co r-

# Mercedes Benz of - West poration has started 'marketing jSi tidhi win have ho major

Germany will invest 350m in its in Tokyo Cbiysler Corporation’s nlaSt to make.

Argentine subsidiary over the compact car Omni-024 at prices in line with-the- JAMA uuder-

next four years, AP-DJ reports ranging between YLS5m Autumn that, the

(£4£m) and Y2.41m (£5.5m>. - - • - -

from Buenos. Aires. - -• {&4Stm) and p.4lm (IW - j^^ese^maimacturere would

Mercedes said the money will - . Mitsubishi hopes to s ell 100 a — « wmdent ’’ -view of tfie

used to -, re-eauio and Omni-024 vehicles a mouth, in ... ■* vehicle

re-eouio

implied by the new auto law” produced by vousswageuw«*. se ' uence the Japanese share of
which will, allow cars and heavy of West Germany. . Reuter declined steadily.

?*;•

Traders are hoping that this
year will see the return to
higher sales at around 220,000
units. Volvo and Saab together
have approximately 43 per cent
of the Swedish market.

Competition for Israeli buses

Swedish domestic production
(Saab and Volvo) is expected to
increase this year and sales > in
the U.S. and Canada have un-
proved. The U.S. was up 30 per
cent during the first quarter and
Canada by 27 per cent

8Y L. DANlfe IN TEL AVIV

SIX. EUROPEAN bus manufac-
turers are competing for orders
for 1,060 nevri&uses for the
Israeli intercufobi bus co-opera-
tive.

They are to delivered over
the next two years. Requ Ire-

Registrations of new Japanese
cars, for example^ 'dropped from
12,93 per cent to 9.03 per cent
-In the first two months of 1979
compared wiffi 'tfie same, period
a year before. ..

Land-Rover J;

The -first :■ 512 / Land-Rover
ambulances ordered by the
Dutch Army 'have- been handed
over on schedule in Holland,

During the first quarter of
this year Volvo sold 14,852 cars

companies are -Leyland, . Man,

Mercedes, Volvo, Renault and
Fiat Man buses have : been
tried on Israeli roads for some
years and the company has
announced it is preparing to

market 3,000 buses in Israel our motOT industry corTespono-
ments to renewtfae Israeli' fleet over the next three years. . ent writes. The Dutch Army has
are. however, much larger, and Leyland, too. have shown a placed orde **j..
will probably require the import new model here, and Mercedes ambulances, worth-newly £30m,
of another 1.5WFbuses. is another favourite, particularly for delivery up to February,

The compecutg European for tourist buses. 1982.

INDIAN JOINT VENTURES

Boosting foreigii earnings

BY K. K. SHARMA IN NEW DELHI

ASEA Finland deal

AN ORDER has been placed by
KEMI OY, a leading Finnish
pulp und- paper group, with
ASEA, the Swedish electrical
engineering concern, for. a com-
puter-based production, plan-
ning and control system for
installation in the KEMI mills,
writes John Walker in
Stockholm.

Brazil chemical plant

Setal Instalacoes Industrials,
the Brazilian subsidiary of C-E
Lummi/5 has been awarded a
3100m (£50m) order for a low
density polyethylene plant to
be constructed at Triunfo, site
of Brazil’s third petrochemical
centre. This will be the first
major petrochemical plant
where. the whole basi? engin-
eering is- completely developed
in Brazil. . ,

ENCOURAGED BY foreign
exchange earnings of Rs 7&0m
(£50m) last year from joint
business ventures in other
countries, the Indian Govern-
ment is making it easier for
loeai entrepreneurs to dp
business overseas.

Having already established
a broad industrial base and
having developed indigenous
technology In a number of
fields, the Government sees
joint ventures as a lucrative
and expanding source of
foreign exchange earnings.

Indian business interests
have already invested Rs 277m
in a total of 107 fully-
ope rational joint ventures
overseas, and arc expected to
sink a further Rs 420m into
another'89 joint ventures now
in the p lanning stage.

The area of the widest
activity so far is Southeast
Asa where about half India's
joint venture activity is con-
centrated, The -business com-
munity- feels that because
India’s experience in inter-
mediate technology is more '
relevant . to . developing
countries the scope for setting.

In those
d is much

xt with 23
y under
ed by the
15 and
Americas

thea

iat

up joint veni
areas of the
greater.

Africa comes
ventures ci
way. This is f
Middle East
Europe and
with 14.

Joint veu
allowed in terms
issued by
Ministry. At o:
only permitted
technology and
it was discovered!
partners were
entrepreneurs w
want a financial
venture.

Since direct
pation also
the form of di
remittances are Increasingly
being allowed. pSvided the
Indian share zgmains a
minority one. ThiS^s in keep-
ing. with the Government's
policy on foreign investments
in India.

Among the operational joint -
ventures, - the largest are In
light engineering and textiles,
traditional fields of Indian

>road are
guidelines
Commerce
(time these
export of
se until
foreign
ij clous of
did not
;e In the

business activity.

However, many of these
have found themselves up
against stiff competition in a
market unsheltered by protec-
tive tariff walls.

The result is that there is
an accelerating trend towards
-more sophisticated fields, such
as engineering, construction
•mar ke ting and business con-
sultancy. In ' fact, mock. of
India ’* joint venture business
in North America is concen-
trated in the pulp and paper
industries and in hotels and
restaurants.

An alarmingly high. 43 per
cent of the joint ventures- that
have received Government
approval have either not been
implemented or have been
abandoned.

Mach of this occurred
before 1970, when approval of
projects was often given with-
out the detailed scrutiny by
an official committee, as is
now the case.

This,' however, has ' now
been reduced drastically, and
the first fruits of Indian joint
venturing abroad are now
being picked up.

Boeing buys
windscreens
from Triplex

■ By Arthur -Smith - •. .

TRIPLEX a : Pilfongton^^gToup

subsidiary, has won a-’ contract
—thought' to he worth around
85m — to supply windscreens for
the-Boeing.767«the new. airliner
scheduled -to he launched in-
1981.

Triplex Safety Glass, based at
Birmingham, claimed yesterday
to be the first UK .equipment
supplier . to sign a contract with
Boeing for the new 2d0-seat. '
aircraft The company attributed
its success in the main to the'
reliability and -weight-saving O £
its “ Triplex Ten Twenty high-
strength glass.” : -

Triplex is already an estab-
lished supplier of windscreens
for the Boeing 747. Deliveries
of the 767 windscreen will begin
at the end of next year, and the
contract will extend to ‘the
mid-1980s. .

Record piano exports

British piano makers have
returned from the Spring Fair
in Frankfurt . with full order
books. In spite of the strong'
pound they received '‘ orders
for a record 4,000 pianos worth
£2.8m_ Last year 3,000 pianos
were sold at the .Fair.

Pakistan-Canada locomotive deal

OTTAWA — The Canadian
International Development
Agency will lend Pakistan up to
C$10m (£4.2m) to finance half
Pakistan’s cost of buying 30
Canadian locomotives.

The 50-year loan will be
interest-free and repayments
will start after ten years.

The diesel electric loco-
motives will be -built by the

diesel division - of General
Motors of Canada.

The CIDA which handles the
Government's foreign aid, said
the new locomotives will allow
Pakistan to phase out 45
antiquated steam shunter loco-
motives. some of which have
been in service since World War
One.

AP-DJ

Commercial
Bankof Wiles
limited

BANC MASNACHOL CYMRU

114-116 St Mary Street, Cardiff CF1 1XJ

Rate

Commercial Bank of Wales
announcesthat, for balances
in their books on and after

7th March 1979
and until further notice
their Base Rate for lending is
13% per annum.

ENERGY REVIEW

J

BY DAVID FiSHLOCK

Britain’s strategy for nuclearpower

THE NUCLEAR reactor design
of Babcock and Wilcox (U.S.)
which suffered the accident at
Three Mile Island in Pennsyl-
vania last weekend is one of
four currently being evaluated
by the Central Electricity

/

uranium-255 component has
been burnt in nuclear reactors
— can be’ re-enriched profitably
In this plant and restored to the
composition of fresh uranium.
The old plant is working flat out
at 800 tonnes of enrichment

Generating Board for its choice capacity a year, restoring part
of a system and partner for -ofr the electricity industry’s
Britain's planned demonstration stockpile of depleted uranium

pressurised water reactor. The .from 0,3 to
decision would by now have/ enrichment

from the electricity supply
industry and one-quarter from
exports. This year BNFL will
spend about £60m, and it would
be much more were it not for
difficulties in recruiting top-
flight engineers. It has even
ordered a fleet of three ships
specially designed to commute
between Japan and Europe with

balance of plant,” the equip- Dounreay prototype fiast\&actor,

ment common to any thermal
power station. The boilers — an
integral part of the reactors—
by ail accounts have performed
remarkably well, and the elec-
tricity industry is confident it
has learned how to control a
tricky new kind of machine.
Dr. Ned Franklin, managing

at a cost, of about £20m. .Until
these are ready, in another
two or three years, this
station’s output will be. limit
to about 200 MW. The thrl
new boilers, to be made
jointly by Babcock and Wilcox
and Northern Engineering

talse on its considerable expert-. ‘
ence in managing the construc-
tion and development of small
pressurised water reactors. for J
the Navy. Last year it began to
build a new shore-based PWR
for development and training in .
Scotland. In December it an'
nounced plans to launch a hew..’’
nuclear • reactor maker : in

u

0.71 per cent spent nuclear fuel and highly director of the Nuclear Power Industries, are of the design Britain, RNC (Nuclear), bring-.

been taken— though the boartf
would almost certainly not haw
chosen the Babcock reactor, for
reasons other than safety — bad
Britain not taken so long to
reorganise the reactor design
and construction industry.

The protracted discussions
could be accelerated rapidly by
a change of government. At
least part of the delay has been
occasioned by the Callaghan
Government’s determination to
secure state control of the
reorganised company without
resorting to new legislation —
for example, by persuading the
CEGB to take control of the
industry and GEC to relinquish
part of its share. But, as a less-
than-enthusiastic CEGB points
out, among other drawbacks this
merger would reduce the
number of independent sources
of expert opinion watching over
matters such as safety.

Of the world’s 20-odd nations
generating electricity from
nuclear energy today, Britain is
almost alone in having no com-
mercial PWR. It can therefore
view more dispassionately than
most countries recent events in
the U.S. Indeed, the Prime
Minister in Parliament this
week went so far as to claim:
“We have been very wise in
concentrating on a safe type of
reactor.” He did not mention
than Britain had suffered — but
survived without public harm —
two melt-downs in military gas-
cooled reactors. One was
repaired and has become a
reliable commercial electricity
source.

The operator. British Nuclear
Fuels, has also found a new
role for another former military
plant, the old uranium enrich-
ment plant at Capenhurst, in
Cheshire, built in the 1950s to
make nuclear explosive. This
gaseous diffusion plant was
acquired by the company at a
knock-down price of a few
unds when the
Defence found it
British plutonium
enriched American

“ We sold the CEGB a straight
economic case — not a strategic
one," Dr. Alan Johnson. BNFL's
director for enrichment, says.
He has enough work to last until
the mid-1980s, providing Britain
with the equivalent of another
5.090 tonnes of natural uranium
which otherwise it would have
had to import.

The Cheshire uranium mine
illustrates both the optimism' to
be found in some quarters of
the British nuclear industry and
the reluctance to say too much
about it lest those opposed to
nuclear power should find some
excuse to Intervene. The
industry, which in its formative
years to the mid-1960s was being
urged by politicians to go ever
faster, has learned that patience
can bring its own rewards. Sir
John Hill, chairman of the UK
Atomic Energy Authority and
of British Nuclear Fuels, says
that the UK is often envied by
other nations as one whose main
projects are still going ahead.
France is another.

Extra capacity

The latest nuclear investment,
approved by the Government in
February and just granted

radioactive waste.

Its most highly publicised
investment is the £6 00m
chemical plant for reprocessing
spent .oxide fuel at Windscale,
approved by the Government
last year after an unusually
long public inquiry. Less pub-
licised is the work on three
other reprocessing plants in
Britain. Also at Windscale is
the £365m project for recon-
structing the front end of the
chemical plant for reprocessing
spent Magnox uranium fuel,
scheduled for completion in
1981. Already, however, the
refurbishing of particular parts
of this process has begun to
pay off, with faster processing
of Magnox fuel in recent weeks,
says Mr. Con Allday, BNFL's
managing director.

At Dounreay the UK AEA has
completely rebuilt an old re-
processing plant for plutonium
fuel from its prototype fast
reactor — that is, fuel of the size
to be used in a commercial-size
reactor. The first plutonium fuel
is expected to be reprocessed
this year. The least publicised
of the three is a project ordered
by the Ministry of Defence.
BNFL is commissioning a
specialised reprocessing plant at
its Chapel cross nuclear station
in Scotland, designed to separate

Company, which built the
reactors, sees them as proto-
types of a new kind of reactor,
and says confidently that most
of their problems are " the
difference between doing it for
the first time and doing it
again."

Early last year the Govern-
ment authorised orders for two

expected to be used in the full-
scale reactor.

te£ together . .. Rolls-Royce,
Northern Engineering Indus-
Beyond this, says Dr. Tom tries ' the U.S. reactor maker
Marsham, managing director of Combustion Engineering (GE). -
the UK AJEA’s northern dm- - ’ • .

sion, his design team is T . ; l* - " ’

reappraising results from half- IvOglC OI fflCrSCFS
a -dozen fast reactor develop- • °

ment teams worldwide, which The aim of RNC (Nuclear)

new AGR twin-reactot stations betwe ?r J£ ein are spending is to launch CE’s System 80
one for HSTsSS around £500m a year to perfect reactor, a .1,300 MW PWR, onto
England, the other at Torness t ® chnl>,0 Sy- Their primary the world market, preferably
in Scotland. They are to use he says. is to obtain a good starting with the - order for
a single design of reactor, based J d !f ° f „^ hat r th ® Britain’s demonstration PWR.—

on the four AGRs which have fjjL Sp^Then^hic proj€ct authorised by -

already seen service, with m J2fc T L en engineers the Government last year.

“ minima] " modifications to m 1 2- ms - ht Some . welcomed the- - Roti®-

accommodate nearly 15 years LL. ^ qS t0 51311 building in, Boyce intervention as one 'viray .

say, of sharpening up -everyone's

One feature of the 19Si pro- thoughts about the restructiir* V
Sect which has received close of- the reactor industry. ~
attention from Dr. Marsham’s Others -saw a second reactor ■
team in the past year is ma ^ er ss something they, amid
plutonium fuel manufacture, well do without, at a time wberi
It has designed a new t ^. e Government-backed Hindus- .
chemical process, which eats all ***** logic ” of mergers between
its own radio-active effluents two boitermakersr and lhe ,
and wastes. It also produces two turbo-generator mun nfac-
the fuel in a form free from turers, was meeting such. - a.
dust and thus simpler and dative response from The four
cheaper to handle safely. Such companies involved. Unless
a process could well be required RNC (Nuclear) can demonstrate
as an integral paTt of the convincingly - this spring -

demonstration fast reactor pro- that Britain can piek> up-sub- •
ject. ' stantial American orders for •

The fast reactor demonstra- sub-s ystems and -com-

tion is expected to be submitted P_ 0nents £ rthn CE, it is tmhkejy.

of experience of this reactor.

New reactors

The Nuclear Power Company
has just finished signing a
design-phase contract with the
electricity supply industry for
these new stations. Before the
end of the year it also expects
to have the contract to construct,
for start on site In the spring of
1980, says Dr. Franklin. But
for months the company has
been working on the new
reactor, with a team which now
numbers over 200. In mid-March
it held a meeting in London

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planning permission, is £90m lor the radio-isotnpe tritium, needed with its sul>coatractors to first to public inquiry. The pro- WnOUS w

another tranche of uranium en- for nuclear weapons. Previously explain strategy and tactics for Sect is going to make little pro- tu^ PWR rf^-Trf Britain’s even-

rich ment capacity at Capen -
burst, utilising the new gas
centrifuge technology. This will
cover the cost of a building and
services planned for 500 tonnes
of enrichment capacity, and gas

Britain has been buying tritium ordering the new reactors and, gress until the industry can*tell tua * Partner.

abroad. to quote Franklin, “give some an inquiry confidently how it this ■ year -the first

The buoyancy of the fuel assurances to our suppliers.” plans to manage and control of the international re-
services business and of BNFL's One project which the 5rUC * 1 a project But for more a PP^isal of nuclear technology

factories, in almost every Government has not yet author- tiian a year it has been arguing caned for. by President Garter ■
respect but recruitment of ised — although it continues to both within. itself and with Mr. -London Summit ia l977.

till

centrifuges to meet half that senior staff, is not reflected quite spend about £50m a vear on Anthony Wedgwood Bonn, the are expecied to be made public.- - p ii

.1.. 'PI.. rn nh,nn,.,l„ i — .U„ L. • j ■ __ . Caamtan, (n, i At tho / Ifl 1.

million
Minis'
Could
for
uramu
The

is known locally as
the ** Cheshire -uranium mine."
BNFL fcas sold the Central
Electiidly Generating Board the
idea that the board's hoard of
“depleted" uranium — from
which much of the fissile

capacity for the moment. The
extra capacity of 500 tonnes is
needed to fulfil orders already
taken bv Urenco, the Anglo-
German-Dutcb enrichment com-
pany. in which BNFL is the UK
shareholder. The company
stresses that it is not “ building
for stock ” but expanding only
in response to firm orders.

The centrifuge project is
small compared with the total
investment plans of BNFL, Dr.
Donald Avery, the deputy
managing director, points nut.
They total over flbn — ambi-
tious for a company of only
13,000 employees. But turnover
from nuclear fuel services dur-
ing the period of investment is
expected to exceed £4bn, three-
quarters of which will come

so obviously in the reactor'con- research and development for Secretary for Energy, about- ^ .^ c - m ®fetiag».. of- -the. Inter- •-‘-j'ijlfc-
st ruction side of the industry, it — is the commercial fast how sbouJ d be reorganised phonal Nuclear- Fuel Cycle . '.O' 3.

breeder reactor tor ” plutonium the demands of a ^valuation the Govermnant has- .

nuefear construction programme ° een stressing the fact' that the
expected to be no greater than fast breeder reactor is one- of r
1.000MW a year for some years technology’s . most: effective -.^.W

to come, and yet be ready to ”■ "

expand rapidly In the 1990s.

Yet the picture here is far from
gloomy. FUel is expected to be
loaded this autumn into another
British reactor, the first of the
twin 600 MW advanced gas-
cooled reactors (AGR) at
Dungcness B in Kent. First
power should be generated early
next year. At Hunterston In
Scotland, the AGR badly
damaged by seawater is
expected to be back on load by
the end of the year.

The performance of the AGR

burner." as some would now
prefer to call Jt). But within
the industry work has been
redirected over the past year,
oa the assumption that when
a scheme finally wins the
Government’s approval in prin-
ciple, it will be for a more
adventurous project than the
present “reference design" In
effect, it wiH be a second-

Debilitating

most; effective

contributions . to. energy eoaser-- ’ k
vation..It will enable about 50
times - as much energy ■ to .'be
extracted frtim. uraaitan as
present-day reactors such as the
PWR and the AGR.

The

uncertainty about the industry's 11

generation _ reactor, pawning, future JeMch con only Be

international appravaLTbls. the

beyond the French Creys- debilitating for current projects.

stations since 1976 does not at Malville (SuperphOnix) project, and which could prove fatal, for

first sight appear to be impres-
sive. . But closer inspection
shows that the serious prob-
lems have not occurred ifl their
nuclear reactors but In thfe

scheduled for completion' in future projects such as the fast
1983. reactor if exposed to a public

The UK AEA has at last won in q uiry.

The upshot is a degree of T Govprimmat — ^..be-

ipertaintv ahnnt tha Labour; ot Conservative —

Sent that both reprocess- .
the fast reactor- wtil win
ionai approvaLTbis. the.' .
uuuacu industry :hope& 'WiB be- ■ . ■«:?

the cue for ‘a concerted effort tj

for completion

' “to tus. »ll£ *1 CWil»Jw . Vlfc'18

to restore ther }pofitical will ^ iri,.

authority to order replacement Rolls-Royce took a hand late

the last year with. ■ scheme tq capi~ . Britain in iheSSIaad 1950&. , if 1 "

steam generators

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April 6 1979

UK NEWS

8Y KENNETH GOODING, MOTORjNDUSTRY CORRESPONDENT

LEYLAND VEHICLES, the
truck and bits division of BL,
incurred a.. £l5m loss in 1878.
when it had budgeted to make
a £26m profit employees have
been lord..

- Oiutop of the £15m loss the
company. set -aside: a further
£l6m w -covet the cost ip. 15170
of lower manning. levels and
closures.

Before paying', interest ' on
loons from 1HU Ley land Vehicles
was in the red by £3J>m.

These figures were not given
when.BL announced' its pre-
liminary results, for 1978.

Leyland Vehicles employees
have been told that at the root
of the company's financial
problems was its “failure on
the sales front.” It budgeted for
revenue of £565m in 1978' but
missed this -target by more than
£120m.

“ The effects of our failure to
bold market penetration and
the crippling long-term strike
at the Bathgate plant were
never so •evident,” : the company
said. ■ ’

And during^ the year the com-

pany absorbed cash'., totalling
£74m which was £33m over
budget.

The company went on: “Add
to that tile fact that our man-
ning level rose from 27,710 to
27,760 in- 1978 and it is clear
why new managing director Mr.
David Abell moved quickly to
revamp our sales, and marketing
operations and to reduce man-
power levels when he arrived in
December.” '

UK registrations of Leyland
trucks fel] by 450. wholly as a
result of supply problems and
The. company's market; .share
feU as a result from 22.8 per
cent in 2977, to 19.3 per cent.

Exports were also hit by pro-
duction problems and at 15,000
units were 6,000 down on 1977.
■ However, Leyland Vehicles
insists that “ all is sot gloom ”
-We are injecting capital in a
massive way and we will regain
ground this year. Already new
bus models are proving 'a hit;
a new truck range is on the
horizon; our sales and market-
ing activities have an aggressive
new look and production has
turned- in the right direction.”

Building societies
‘face fund problems’

BY ANDREW TAYLOR:

MR. DENNIS HOWRGYD.
chairman of- the Provincial
Building Society, says it- is
becoming increasingly difficult,
for building . societies to com-
pete . with . Government and
insurance companies for funds
from potential investors. . -
Mr. Howroyd. in his ^annual
statement, says Government and
the . insurance companies are
able to offer investors tax bene-
fits as well as a competitive
return on their money/ /.-■

They could secure, funds by
offering tax exemption .-and this
was becoming- a -matter^ of con-
cern to“ building 7 societieS^-at a':
time when more : and more
investors . are becoming subject ‘
to higher rates' b£ tax ., and ';
investment incomcsuri^ajge.

'■ “ It may s^em ironic thatThe

"banks should' have expressed
their desire for fiscal parity
with us-; 'When .'much greater
advantages v fflre .enjoyed . else-
where:" :: W'-' • ■■ • .

Mr. Howroyd. . says that
increasing instability of invest-
ment funds coming to building-
societies, cfcupled : with, rising
house prices,-"inight ultimately

inhibit the progress which
societies can. make in respond-
ing to the unsatisfied ^demand
for owner-occupation.”
Provincial says that the cash
needed to cover withdrawals in
1978 was seven tunes ■ higher
than the equivalent'., sum in
1970. . T

The flow, of money; into the
building societies,; ^combined
with' repayments of existing
loans still fell weH^sbort of
current demand for f^ids from
potential home owners; At the
end' of ~ last year, thejsocieties
average liquidity ra:
its' lowest since the
of 19 7t

' Provincial’s accou
that its ratio of liqifi
assets.. . declined ’frpi
cent at the end.of;'T._ .
per cent at the end 1978. '
The society’s Assets in-
creased by 13.8 per. cent in
1978 to £Obn./ Investment
-receipts for the period totalled
£526m and investment with
drawais . . £38Gpi, leaving
balance of £1,1 6 bn. Advances
on 'mortgages during 1978
increased from £216m to £292m

was at
lining

show
ds to

u, 24 per
7/to:' .18

MPs in new bid

to save canals

BY LYNTON McLAIN

AN ALL-PARTY group of MPs
yesterday ! called for h Parlia-
mentary. debate -on the future
of the British Waterways Board,
nine months after the, govern-
ment rejected its recommen-
dations for saving the canals.

The MPs , on -the Commons,
select committee on nationalised
industries said in a one page
report that Parliament “should
not be prepared to. tolerate the
inability of the board to meet
its statutory duties.” '.

The House, said the report,
should debate a specific motion,
calling for the Government to
implement . .the . recommen-
dations without delay. . .. “

Such a debate would- be held
against a -background '-of re-
peated Government delays over
canal repairs and earlier criti-
cism by the- BJPs . pf Mr. Denis
Howell, Minister of State for the
Envirocuneni. :

The committee called for
ministerial responsibility for
the . canals --to be transferred
from . the Environment Depart-
ment to the Transport Depart-

7-

merit But Mr. Howell, refused
to /Accept this and other recom-
mendations aimed at giving the
British Waterways Board the
resources to do repairs and
•meet its statutory duties.

The board, expected to raain-
, tain the canals in a condition
suitable for use - by freight and
cruising . craft, - warned nine
years ago of the need for £21.Sm
to overtake maintenance
. arrears. —

The Environment Department
■did nothing for four years,
then commissioned a report
which was submitted to minis-
ters in January 1976. It was not
until . November 1977, however,
-13 days before Mr. Howell gave
evidence to the select commit-
tee, that the Government pub-
lished the Fraenkiel Report.

It called for £37.6m for
urgent repairs, equivalent to
£60m at today’s priced, nearly
three times the. original board
estimate. .r
The Government has given
the-board £5m for 1978 to 1979
and has promised a further £5m
for 1979 to 1980 for repairs.

/

Sixty nations’ experts meet
to cut airport delays '

BY MICHAEL DONNE, AEROSPACE CORRESPONDENT

METHODS to speed' the flow pf
passengers through airports are
to be studied by experts frohr'
more than GO countries at a
meeting in Mon tr ear from April
IS to May 5. : ....

The meeting has been called
by the International Civil Avia-
tion Organisation, 1 the aviation
technical agency of the UN, It
will study unproved customs
and immigration procedures,' as
well as methods for speeding
baggage reclamation.

Among measures to speed
passenger flows that will be dis-
cussed are special- customs and
immigration facilities for holi-
day groups or other-parties, and
the possible introduction of
/special problem" desks free-
ing the normal immigration
channels for others.

Another technique is called
“pre-clearance." A passenger's
faa 8gage is cleared by customs
on departure, rather- than On
arrival, thus eliminating delays.
This is ■ .already available in

some countries^ but is not yet
universally acceptable.

Lost baggage will also be dis-
cussed. Various zhethods of
combating the problem will be
proposed, including increased
training facilities for airline
staffs,, and a campaign to
encourage travellers to remove
all. unnecessary destination tags
from baggage, to avoid . con-
fusion about their destination.

The eventual improvement in
passenger handling, . however,
will remain a matter for air-
lines and their staffs to resolve.
The organisation has no power
to enforce its recommendations.

• British Caledonian Airways is
adding a fourth flight each week
to its services between Gatwick
and Algiers, .and is introducing
first-class seating on the route.
Flights will be daily from
Mondays to Thursday.

• Singapore Airlines has sent a
team to China, to' discuss the
possibility of a route between
Singapore and Peking

OBITUARY

Lord Allan dies in Australia

LORD ALLAN of Kilmahew
died suddenly yesterday in
Sydney. Australia, shortly after
arriving from. London on a
business trip.

Lord Allan, formerly Mr.
Robert Allan, was agc*d 64. He
had been a politician and a
publisher and had been about
to start a farewell visit to
Australia before his retirement
from the Pearson Longman
board this summer.

Born in 1914, Lord Allan was
educated at Harrow, Clare
College Cambridge the ran

cross-country for the university )
and Yale.

He had a distinguished career
during World War Two serving
in the navy, mainly in coastal
forces in the Mediterranean
before finishing as Deputy Chief
of Nayal Information in
Washington in 1945-46.

As a result -of bis war service
he was awarded the Dis-
tinguished Service Order in
1944, and the Order of the
British Empire in 1942. He
received a number of foreign
honours—inducUng the French
Croix de Guerre and Legion

A man of rare qualities

Lord Gibson writes: Bobby
Allan’s death is deeply
saddening to his friends and
colleagues, it will be felt as
a severe personal loss by all

who worked with him in a
wide range of public, politi-
cal. business and charitable
activities.

In all flies* • spheres, he was
greatly respected and com-
manded both trust and affec-
tion to a truly rare degree.
Ills eharm was equalled only
by his kindness and pains-
taking consideration for
everyone

A man of infinite modesty
and courtesy, he brought to
everything he undertook
special qualities of mind,
heart and judgment
In business, his earcer with
the Pearson Group was par-

ticularly distinguished and
much of the remarkable
growth and success of Long-
man’s educational publishing
all over the world took plaee
under his wise and experi-
enced guidance as chairman.
It was a work In which be
always took a deep Interest
His courage during the long
and especially trying illness
from which he suffered a
year or two ago was alto-
gether exceptional and had
been rewarded by what
seemed to his fellow col-
leagues to he a complete
recovery. His death on bis
last business trip before
retirement robs us of a friend
whose combination of qnali-
ties is bard to replace. Our
deep sympathy goes to his
wife and family.

d'Honneur and the U.S. Leginn
of Merit. He was also mentioned
in dispatches five times.

He contested Dunbartonshire
in 1945 and West Dunbarton-
shire in the General Election
and by-election in 1950. He
became Conservative MP for
South Paddington in 1951 and
served until 1966.

Lord Allan held a serious of
junior posts. After two years
as an assistant whip he served
from December 1955 until
January 1358 as parliamentary
private secretary to the Prime
Minister, first Sir Anthony Eden
and then Mr. Harold Macmillan.
In January 1958 he became
Parliamentary and Financial
Secretary to the Admiralty and
in 1959-60 was Parliamentary
Under-Secretary at the Foreign
Office.

In October I960 he resigned
to become a treasurer of the
Conservative Partv which he
was until 1965. He was chair-
man of the Conservotve Central
Board of Finance in 1961-66.
During the 1966 General Elec-
tion he W35 the main aide
travelling -with Mr. Edward
Heath. He was created a life
peer in 1973.

After resigning from the
Foreign Office he was able to
resume his business interests.
He was particularly involved in
book publishing, and from the
formation of Pearson Longman
in 1968 until his death he was
a director of the company, at
one stage as deputy-chairman.
He was a director of the

Lord Allan of Kilmahew

Financial Times from May 1963
until December 1975. He was
chairman of Ladybird Books.

Lord Allan was also a director
of the Bank of Scotland and was
chairman of its London board.
He was a director of H. Clark-
son (Holdings).

Among bis other activities he
was a governor of the BBC from
1971 to 1976, a governor of
Harrow School from 1968 to his
death and a trustee and chair-
man of Lord Mayor Treloar
Schools.

He leaves a widow and a son
and daughter.

Council groups

BY PAUL TAYLOR

A MAJOR rift was developing
yesterday between two Conser-
vative-controlled local authority
associations over Government
plans for local government re-
organisation.

The Association of County
Councils yesterday published its
response to the Government's
.White Paper proposals, to hand
back certain powers from
county to district councils, and
said the change would cost up
to £80m a year.

Over the ■ past few weeks
Conservative Party leaders have
been working towards patching
up the differences between the
association and the Association
of District Councils which
largely favours the Govern-
ment’s proposals.

However, the prospect of
formal talks between the two .
associations appeared to be in
jeopardy yesterday after the
county councils said the discus-
sions would only cover “ minor
changes and adjustments which
do not require legislation.”

Sir Duncan Lock, chairman
nf the Association of District
Councils, responded immedi-
ately saying that if legislative
change was ruled out “ there
seems little point in the discus-
sions.”

In the run up to national
and local election's or. May 3,
this divergence of views could
pose a serious problem for the

Conservative Party. • «

The Association of County
Council's memorandum on the
White Paper on “ organib
change " argues that the
Government has “ failed to.
produce any valid evidence in
support of its proposals.

The proposals, which .involva
handing back responsibilities for
education, social services, trans:
port, highways and planning tq
the larger non-metropolitan disi
trict councils are widely Seen as
an attempt by the Labour Party
to win votes in the local elec-
tions while advocating the need
for increased local democracy.

Dame Elizabeth Coker, chair-
man of the Association o,t
County Councils, said the prof;
posals could involve the transfer
of about 100,000 staff and the!

employment of an additional
12.000 staff.

The Government's proposals
could result in an additional
£S0ra a year being spent

The figures were dismissed by
both the Association of District
Councils and Mr. Peter Shore.
Environment Secretary. r

Mr. Shore said the county
councils’ arithmetic was “a flight
of fantasy” and did not take any
account of potential savings. He
added that if the figure of £15m
to £21m for administrative costs
were correct this had to be comr
pared with a total shire county
and district annual expenditure
of £7bn a year. . ?

.Mi \ •• ■
• •' t

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Braniff transatlantic round trip ticket and
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i

8

UK NEWS

Financial Times Friday April 6 “197$ .

Housebuilding
fall of up to 1
25% likely

BY ANDREW TAYLOR

THE SEVERE winter weather in.
the last three months has led to
a deterioration in an already
low level of UK housebuilding.

Latest Department of.
Environment figures show falls
of up .to 25 per cent in building
in the three months to the end
of February.

These show that in February,
building work on 12,600 houses
and flats was started — a 1T.6 per
cent decline on the comparable
figures for last year. In the same
month,. 16,400 dwellings were
completed — 20 per cent less than
in February, 1978.

The figures, however, are an
improvement on January when
building work on only <10,100
houses and flats was started and
work on 16,200 was completed.

The sharp decline in house-
building is starkly illustrated in
the seasonally adjusted totals
for the three months to the end
of February. During this period,
total starts were 25 per cent
lower than in the previous three
months and 20 per cent down
on the comparable figures for
1977-78.

Over the same period comple-
tions were 20 per cent lower
than a year ago and 10 per cent
down on the previous three
months.

The public sector appears to

have been' worst hit with starts
37 per cent lower than a year
ago and completions 32 per
cent lower. This compares with
the private sector where starts
were only 7 per cent down on
last year while completions
were S per cent lower.

While much of this decrease
can be attributed to the poor
weather conditions, which has
made much construction work
impossible, the underlying trend
in housebuilding activity con-
tinues downwards.

Last year activity was at its
lowest ebb since 1974 and a
recent forecast by the National
Council of Building Material
Suppliers said that ■ housing
starts in the next three years
^an be expected to fall to un-
precedently low levels.

It said that the outlook for
public sector housing remained
one of the most gloomy. -

Meanwhile, Shelter, the
organisation representing the
homeless, yesterday described
the Government figures _ on
council house building activity
as “the most abysmal start to
a year since 1948." These showed
that work on only 4,700 houses
in the public sector was started
lh February compared with
9,000 for the same month last
year. .

Police may contest
Ladbroke licences

BY ARTHUR SANOLES

POLICE objections to renewal
of some or all of the Ladbroke
group’s London casino licences
are “now anticipated” when
the licences come up-, for
renewal, next month. \

Ladbroke, whose casinos are
operated by its Ladup subsidi-
ary, says the objections will be
strenuously resisted.

Ladbroke says in its prelimin-
ary profit announcement:
“Following some irresponsible
Press publicity, police objections
are now anticipated, based on
alleged technical breaches, but
it has been made clear there
will be no prosecution. The
objections will be strenuously
and. in Che view of the com-
pany’s legal advisors, success-
fully resisted.” .

The publicity referred .to is
almost certainly a series of
articles in recent issues of the
satirical magazine. Private Eye.

Ladbroke has H casinos, of
which four are in London
(Ladbroke Cluh, Hertford Club,
Park Lane Casino and the Park
Tower Casino) and seven in the
provinces.

The Gaming Board gave

approval only recently to two
provincial licences, and it there-
fore seems unlikely that the
Board will have anything to say
at any London hearings.

Gaining licence applications
are heard once & year in May.
Normally, dubs or new appli-
cants make applications in
Japuaiy or February of that
year.

The London Ladbroke casinos
produce the bulk of the divi-
sion’s profits, and perhaps more
than £13m pre-tax for the
group.

Ladbroke yesterday produced
annual turnover figures to year-
end January 2, 1979, of £469,000
— up 21 per cent on the
previous year’s £387,693— and a
pre-tax profit rise,of 71 per cent
to £41,400.

Mr. Cyril Stein, chairman,
said the company was “con-
tinuing to invest and expand.
We have outstandingly able
management teams within our
divisions capable of generating
and implementing new ideas
and achieving new profit levels.
We therefore look forward to
th# future with confidence.”

Sodawater gadget battle
settled out of court

SODASTREAM’S legal battle
to prevent Thorn Domestic
Appliances (Electrical) Hold-
ings from introducing a soda-
water machine bearing the
Kenwood Cascade label ended
yesterday with an out-of-court
settlement.

Thom has agreed not to intro-
duce a competitive Kenwood-
labelled machine until after
January. 1981, and has also
agreed not to market and manu-
facture gas • refills or con-
centrates before September 20
this year. It is not, however,
prevented from exporting .a
machine bearing the Kenwood
name.

As the sole manufacturer of
a sodawater machine. Soda-
stream was surprised to see a
Kenwood Cascade prototype
machine at a trade fair in

January. It appeared a week
before Sodastream ’s links with
Thorn were severed and two
years before the expiry of an
alleged agreement not to manu-
facture such a machine.

The break from the Kenwood/
Thorn marketing arrangement,
which began in 1974, was
intended to give Sodastream a
bigger market in Britain.

Mr. Stephen Bingham, manag-
ing director of Sodastream
welcomed what he regarded
as “ an amicable agreement.”

Mr. Nigel Penny, managing
director of Kenwood Cascade
saw the agreement as “ a happy
compromise ” and one that
enables his company to intro-
duce its own machine after
September this year. “Which
we shall do, under another
brand name,” he said yesterday.

Coutts &. Co. announce
that their Base Rate
will be reduced from
13% to 12% per annum
on 6th April 1979
until further notice.

The Deposit Rate on
monies subject to seven days’
notice of withdrawal will
reduce from 101% to 91%
per annum.

BY ANDREW TAYLOR

PILKINGTON BROTHERS, the
UK glass group, os to spend
£30m modernising and expand-
ing the insulation division of its
Fibreglass subsidiary.

The main portion of the
money is to be spent at its
Ravenhead factory in SL Helens,
where PWdngton plans to build
a new production line which it
says will be able to produce a
greater range of insulation
products.

The rest is to be spent on in-
creasing- capacity of existing
production lines at SL Helens
and Pontyfelin, near Pontypool.

The group said that the new
production facilities would lead
to the loss of some jobs. The
numbers affected and how 1 the

reduction would be handled had
still to be “worked-out” with
the unions involved.

PiMngton said however that
despite the- initial job loss there
were prospects that the expan-
sion. might lead In the longer
term . to the creation of more
jobs. - ■

Mr. Bill Snowden^ chairman of
Pilkington's Fibreglass sub-
sidiary, said that the expan-
sion and modernisation pro-
gramme would increase pro-
duction by 25 per cent.

Two years ago the group- had
spent £20m at the Pontyfelin
plant which had doubled the
subsidiary’s output of. insula-
tion products.

He said the new production

line at SL Helens would help
maintain the group’s position'
in the insulation markeL With-,
out the investment many jobs
would be lost as the group’s
products became outdated. .

Pilklngton, Inventor of the
revolutionary float glass manu-
facturing process, has been
steadily increasing' its insula-
tion products business while
the glass fibre business in total
now ■ generates about 20 per
cent of group sales — £2 56.9m
in the six months to September
30, 1978.

This latest investment takes
Pilkington's spending on new
projects now under construc-
tion — including its new fioat
glass plant at ■ SL Helens— to

£125m_

Finance
houses face
status blow

By. Michael ‘Lafferty,

Banking Correspondent .

FINANCE HOUSES have been
advised that they* are unlikely
to be recognised as banks under
the new Banking Act. This is
admitted for the first time in
the annual report of . the
Finance Houses Association,
released yesterday.

- Mr. Joe Skelton, the associa-
tion chairman, says in his state-
ment that the former Conser-
vative government's policy,
outlined in the document Com-
petition and Credit Control, had
encouraged the finance houses
to widen their activities into
the field of banking.

Some had even been recog-
nised as banks under the
Companies Act 1967. "It was,
therefore, a chastening experi-
ence for finance houses to be
advised by the authorities that
recognition, other than as
licensed deposit-taking insti-
tutions, under the Banking Bill,
was unlikely,” be states.

The annual report also
reveals that the association has
established a working party,
under the chairmanship of Mr.
David Windrow, a director of
Citibank Trust, “to consider
the problems and opportunities
presented by the development
of new forms of credit available
to the customers of finance
bouses and. in particular, credit
or cheque guarantee cards.”
The association move has
been prompted by the growing
impact of credit cards, issued
by the major banks and depart-
ment stores, on the instalment
credit market

Hope fades for
390 Belfast
bakery jobs

THE CHANCES of saving 390
jobs at the Peter Pan Bakery
in Belfast have diminished, in
spite of attempts by the manage-
ment and union to find a long-
term solution to the company’s
financial problems.

The group has made no
official statement, but the
Northern Ireland Bakers' Union,
has received confirmation thaf
redundancy notices are being
issued. Workers with ihe
longest service have been given
12 weeks' noiice.

The -compay employs 390 at
its Belfast bakery. It was given
£50,000 last month by the
Northern Ireland Department
of Commerce as a Temporary
Employment Subsidy. Mr. Don
Concannon, Ulster Industry
Minister, asked management
and the union for a plan to
save as many jobs as possible.

There seems io be more hope
for 100 workers employed by a
subsidiary. Eaton's Bakery, in
Londonderry. Their jobs may
be saved if a takeover by a
flour-milling company in Co.
Donegal, in the Irish Republic,
goes ahead.

The future of the Peter Pan
Bakery will be discussed next
Thursday by Mr. Concannon and
Mr. Gerry Fitt MP for West
Belfast.

Some van salesmen have been
offered jobs by the lamer
bakery concerns in Ulster, but
the chances of most of the
Belfast workers finding other
work are slim.

Mostek ‘could not
guarantees’

BY MAX WILKINSON

THE DEPARTMENT of In-
dustry disclosed yesterday that
Mostek, the semi-conductor com-
pany which is to open a factory
in Ireland, had been unable to
give adequate guarantees to
qualify for a regional develop-
ment grant in the UK.

To qualify for the grant,
which. would have been worth
£925m, the company would
have had to guarantee to estab-
lish a manufacturing operation.

But the company plans, shown
to the Scottish Development
Agency, were only for the test-
ing of micro-circuits imported
from - Mbstek’s U.S. plant
Although the company said it
wanted to establish assembly

and fabrication operations in
Scotland,, tjire Department said
yesterday Mostek had not been
able to give firm guarantees that
it would do so. •

The Department said that it
would have welcomed. Mostek to
Scotland and was co-operating
fully with the Scottish Develop-
ment Agency In the negotia-
tions.

Mostek Is planning to set up a
£40m plant in the Irish Republic
oh a 50-acre site in Blanchards-
town. Initially the factory will
be testing micro-processors, but
by 1982 the . company says it
hopes to be providing: 1,100 jobs
fabricating and assembling
micro-circuits.

Price Commission
6 should be scrapped 9

BY DAVID CHURCHILL, CONSUMER AFFAIRS CORRESPONDENT

A CALL to scrap the Price Com-
mission was made yesterday by
Mr. Tony Emmerson, newly-
appointed chairman of the Food
and Drink Industries Council.

Mr. Emmerson said the Price
Commission had failed to make
any impact on inflation or pave
the way for voluntary pay
restraint J

The council also partly blames
the Price Coniinission for the
poor profitability of Britain's
food and drifik companies.

But the oouncU'S latest pro-
fits survey, /released yesterday,
shows thatnn spite of price con-

panies in the industries, shows
that net profit margins in the
third quarter of 1978 reached 4.4
per cent on a seasonally
adjusted basis. This was the best
performance since the spring of
1976.

The third quarter figures con-
tinue the rise first shown in the
April to June figures when pro-
fit margins reached 3.8 per cent

The recovery in profitability
is largely due to the growth in
sales volume last year. Extra
expenditure over the past year
tended to benefit consumer dur-
ables and fresh foods. The slow-
down in the rise of processed

trols the ^recovery in food and j 00( j prices and the stabilisation
drink companies’ profitability 0 f fresh food prices — combined
continued in the third quarter of w j£h a rise in real personal
last year. incomes — meant that sales

The survey, based on 31 com- volume recovered.

Agricultural Hall may
become supermarket

THE FATE of the Royal Agri-
cultural Hall still hangs in the
balance. Islington Borough
Council has asked its planning
officers to review two proposed
redevelopment schemes. They
will report back on June 5.

J. Sainsbury proposes a joint
development with the council
to build a supermarket in. the
main hall, an arcade of antique
stalls in the Princes Gallery,
and housing and small indus-

trial units on open space at the
rear.

The other proposal, by the
Romm Doulton Organisation of
the U.S.. j s for a leisure and
tourist complex with a Dicken-
sian theme costing £12m.

Sainsbury is offering the
council £1.3m for a 99-year
lease. The Americans are pro-
posing a sliding scale rent after
a 10-year rent free period.

Copper semi-reference cancelled

MR. GORDON BORRIE. Direc-
tor General of Fair Trading,
said yesterday that he is not pro-
ceeding with a reference to the
Monopolies and Mergers Com-
mission of the supply of copper
semi-manufactures.

The intention to make such a
reference had never been
formally announced, but bad
been made known to the
industry and had been the sub-
ject of comment in the Press.

The pricing arrangements for

copper semis — list prices with
discounts and rebates, and a
high degree of price parallelism
— appear to be similar to those
in certain sectors of the insu-
lated wires and cables industry.

The Monopolies and Mergers
Commission's report on the
supply in the U.K. of insulated
electric wires and cables, which
has just been published, makes
no adverse findings against these
pricing practices in the cables
industry.

More cars, but fewer fringe
benefits for building managers

worry
the Scots

ABSENTE&3M LEVELS in.
companies . lit the West of
Scotland are-higher than In
most other parts of the UK
and could be twice as high
as In the South of England,
according to a Glasgow
Chamber of Commerce survey.

Based on replies from mbre
than 90 -^fcipanies, the
chamber cfitorlndes- ' that
absenteeism :. .'.among- male
workers averages between 7
and. 8 per cent and for women
between ID aiA 11 per cent
Only 14 companies had an
average rate:;, below 5 per
cent and 52 had more than
10 per cent. One construction
firm averaged 30 per cent and
■ reached 42 per cent in one
month. - : .T
Companies add that they
believed' monotony and lack
of resp asibiiyy were among
the -causes toymen staying
away from wo& There was
less absenteeism from skilled
workers and office staff and
' virtually none 'from manage-
ment. . .

Among women, family
raponsitatities^s^med to be
the mutt reasssBu Absences
were highest daring holiday
periods.. 5
Alcohol was§cfted as a
contributory .factor for people
staying away f*§m work, bat
some companieS^also blamed
doctors who were willing to
sign medical certificates on
very little evidence of illness.

One company said that judg-
ing by certificd&s, nervous
debility had readied epidemic
proportions. Others criticised
the backdating ^^certificates
or the issuing <rf§iiotes valid
for 28 days affect only three
days’ illness. 4

BY ANDREW TAYLOR -

CONSTRUCTION INDUSTRY
managers are more likely to run
a company car than their
counterparts in almost any other
large UK industry- according to
a survey published in the Build-
ing magazine.

They also appear to be more
likely to receive cash bonuses to
augment their salaries.- The
survey says, however, that there
is tittle evidence of some of the
more '‘exotic” benefit schemes
in other sectors.

The survey of some 120 con-
struction companies with turn-
overs -ranging from £500,000 to
£200m was carried out by the
Building Business Unit

It showed that more than SO
per cent of managers received
a company car.

Even lower paid managers
were more likely to receive a
company car than in many other
industries. More than 60 percent
of site managers earning less
than £5,000 received a car, and
27 per cent got car allowances.
Over 96 per cent of managers in
the contracts department — the
highest paid group — received
company cars.

However, the survey says that
it may be argued that company
cars are essential for the job.

It also says that many con-
struction companies pay cash
bonuses to managers. Only 27.B
per cent of the companies
canvassed had no bonus system,
and in most cases, bonuses
applied to all management
levels.

These were sometimes as high
as 20 per cent of the total salary,
but were normally between 5
and 10 per cent of total salary.

Salaries varied widely
between each company. Heads
of contract deportments at the
largest companies earned an
average of more than £.11,000
a year. Some were paid £2,000
more than the average paid for
the same job at medium-sized
companies.

The most frequent fringe
benefits for managers were
pension schemes and private
medical insurance, while most
companies provided death
benefits. These varied, but " the
most commonly - cited death
benefit sum amounted to three
times annual salary.

£2.5m Esso
order ior
Cochrane

By Lynton McLain !

ESSO PETROLEUM has ordered
a 2.000 deadweight tonnes
coastal tanker from the Indepen
dent Cochrane Shipbuilders of
Selby, Yorkshire, in a £2.5m
contract expected to be com-
pleted next summer,

The vessel is to be highly
automated and will Include
vibration-ftee deck house to
comply with the accommodation
noise levels recoxnmended by
the Trade Department
Cochrane Shipbuilders is part
of the North British Maritime
Group, of Hull, and the com-
pany won the order in the face
of bids from other British yards
and those overseas.

It has not been disclosed
whether the Government’s Ship-
building Intervention Fund was
used to help win the contracL
• British Shipbuilders’ Robb
Caledon yard at Leith is ex-
pected to announce “within
few days” an order from the
Nigerian Port Authority for two
tugs. Work on the vessels will
start almost immediately with
delivery expected early next
year.

The two crane barges the
yard is building for Poland are
almost complete, but the yard
has a ferry conversion contract
Cor Caledonian MacBrayne and
steelwork for another ship for
Poland.

OBITUARY

Mr. Roy
Fenton

MR. ROY FENTON, chief
executive of Keyser Ullmann,
the City -merchant bank, died
suddenly early yesterday

morning, aged 60. He had been
at Keysers since November
1975, when he joined Mr.
Derek Wilde the chairman, at
the height of the : bank's
troubles.

Before joining Keyser

Ullmann, Mr. Fenton was head
of the Bank of England's over-
seas department From 1958 to
1963 he acted as Governor of
the Central Bank of Nigeria.

Mr. Wilde said yesterday
that Mr. Fenton had been an
extremely papular. cnief
executive. " I enjoyed working
with him as a good colleague
for nearly four years,” he said.

Mr. Wilde and Mir. Fenton
headed the new management
team which saw Keyser
Ullmann through the aftermath
of the secondary banking and
property collapse of 1973-74.

By 1977 the bank was free of
support and last-year turned in
a pre-tax profit of £864,000, its
first profit in several years.

Mr. Fenton is survived by his
wife. Daphne, and a son. -

Cotton mill
to close

CALEB SHEPHERD of Sagar-
holme Mills, Rossendale, one of
Lancashire’s oldest independent
cotton manufacturing com-
panies is to close within two
months.

The company was formed 125
years ago and Its closure, means
D7 people will lose their jobs.

executive takes

BY MAX WILKINSON -

MR.- ROGER BROOKE;: vice-
chairman of Pearson .Longman
has been appointed group- man-
aging director of ENEL a post
which has been vacant . since a
major re-organisation of the
group last summer.

•Mr. : Brooke will become
second in command at EMI
after Sir John Read,, who re^
tains his titles. as chairman and
chief executive. - -

In July last year, the group
was re-organised -into -five divi-
sions responsible for product
groups on a worldwide basis. A
sixth division was set up for re-
search. .

As a result of the reorganisa-
tion the three managing direc-
tors, Mr. J. M. Kuipers, Dr. J. A.
Powell and Mr. R- L. Watt were
appointed vice-chairman with .
functional rather than product
group responsibilites.

Mr. Kuipers was given charge
of Personnel, Dr. Powell
became Technical Director and
Mr. Watt was appointed -finance
director. -

The overall executive respon-
sibility for the running of the
group was taken by Sir John.

He ainir : be Assisted by Mr,
Brooke who; j0iny the group in
June. • . •

Mr. Brooke, aged 48, a former
diplomat, became . deputy man-"
aging director of the Industrial
Reorganisation Committee in
1966. Since 1971, he has been
a director of S." Pearson: and
- Sons.'. ' •' ' - •

Warrington wins
more jobs

THE WARRINGTON Develop-
ment Corporation .beat its Job-
creation objective by more than
30 per cent according to figures
for the year ending March. 1979.

They showed the 42 1 com-
ponies, which signed . with .the .
corporation during that period,
have created 2.000 new -lobs—
468 in manufacture, • .flltl in
service or distribution, and 622-
ih science - and ■ technology.
Warrington’s own ~ target was
1,500 jobs. More than 3,000 new
jobs have been created. since
Warrington’s first unit- ? was
occupied in 1973. " . - ; - .

Jenkins urges rethink
on joining EMS

THE NEXT Government should
reconsider Britain’s decision not
to join the European Monetary
System, Mr. Roy Jenkins, Presi-
dent of the European Commis-
sion, urged yesterday.

Mr. Jenkins told Birmingham
b usinessm en: “I .want to stress
the importance to my mind of
the decision to create the Euro-
pean Monetary System.”

It offered an “overall
economic environment in which
those concerned with industrial
and commercial policy, and
above all with investment, can

see a period of exchange rate
stability- which would enable
them to take the longer-term
decisions which' have 1 - hitherto
been daznagingly lacking., '/•

*T .believe- the EMS. provides
a launching, pad, and I devoutly
hope, the new -British. -Govern-
ment will feel able to join the
system. •* • '■••'/.- ...

; “it gives us. the framework in
which we have. a better -chance
of developing and rationalising
industry than is 'possible under
a Customs Union alone ”

Big Western economies
iace growth-rate falls’

BY DANIB- FREUD

THE GROWTH rate, of the
seven major Western economies
will drap'fronr-3.9 per cent in
1978 to 3.5 per-cent this year,
according to- the Economist
Intelligence UnitX .

The private research organi-
sation’s 1979 edition of World
Outlook, published yesterday,,
says Gross National - Product
growth in the U.S. is likely to
fall from 4 per cent to 2.5 per
cent over the two years. ’
Japan’s growth rate is ex-

pected to remain at 5.5 per cent
and while there are improved
prospects for West Germany,
Italy and France, this will be
insufficient to offset the slow-
down in the UJS. -and the UK.

But because foreign trade is
a more important output com-
ponent in the countries expect-
ing faster growth than in the
UjS.. the unit says the over-all
slowdown in production growth
is not expected to have a severe
impact on world trade.

Yves Klein painting
fetches £43,000

MODERN and contemporary art
is understandably the most diffi-
cult market in the salerooms,
subject to fashion and the state
of the world economy. Sotheby’s
can be reasonably pleased by
attracting £507,696 in a major
sale yesterday with 29 per cent
unsold.

The top price was £43,000,
plus 10.8 per cent buyers’ pre-
mium, paid by a German private
collector for Relief d'dponges,
by the French artist Yves Klein.
The price is way above Klein's
previous auction record of
£26,250.

Bidding was international, a
G erman dealer paid £18,000 far
Etoiles variables by Wolfgang
Schulze, while a Belgium pri-
vate buyer paid the same price
for another work by Schulze. A
Japanese dealer paid £18,000
for Parallelepipedes rectangles
by Jean Fautrler and a Swedish
dealer paid £15,500 for Les
Animanx du Desert by Karel
AppeL A Paris dealer bought
Fein (are 17 Jaw ’70 by Pierre
Soulages for £9,500.

A -big disappointment was
the failure of Francis Bacon’s
“Portrait of Henrietta Moras .
on white ground " painted in
1964, to find a buyer.

Among the silver a George HI
silver gilt tankard sold for
£1,350 and in the ceramics at
Sotheby’s Belgravia, a Royal-
Worcester royal blue ground
dessert service, painted by 'R
Sebright for Aspreys in 1938
fetched £3,000.

SALEROOM

BY ANTONY tH6RN CROFT

At Christie’s a pair of terres-
trial globes by Willem Jauszoon
BJaue, 67' cm in diameter, and
made in the early 17th century,
went to a London dealer. '

Phillips brought in £62,286
from musical instruments.- An
Italian violin made in 1750 by
Joannes Baptists' Guadagnim
sold for £20,000; it had been
found recently at the bottom of
a wardrobe wrapped in a pair
of bloomers.

The top price in the Bonhams
picture sale wasr £2,800 for Tea
with Grandmother by Harry
Brooker, and at Christie's South
Kensington a Japanese wood
and ivory group went .for £850.

Post-war clarets fetch
record prices in London

BY EDMUND PENNtNG-ROWSEU.

IN A MIXED fine-wine sale at
Christie's yesterday some record,
and near-record prices were
paid for leading clarets.

A bottle of Mouton-Rothschild
189ff sold for £135, six magnums
of Gruaud-Larose ’28 fetched
£520 and a double magnum of
tfte^ same chateau’s ’45 made

The rarely sees Pdtrus ’45
went to £460 for six English-
bottled wines. The much less
rare '55 brought £640 a dozen
and three bottles of the sought-
after '61 were bought by a
Continental bidder for £650, or
£183 a bottle for a 17-year-old
wine — a London saleroom record
for a post-war dareL -
_ Among other . outstanding
prices were £1,250 a dozen for

Mouton-Rothschild ’45 and £520
a. dozen apiece. for_Lafite *59
and ' a - Mouton-Rothschild ’59.
Tbe chateaux ~ whose ’61s
achieved . particularly . high
prices, per dozen- .were - Lafite
(£780), - Margaux (£600)- L*
Mission HaUt-Brion (£440) and.
Palmer (£440).

. Other . irartties that brought
high prices,; mostly from. Ameri-
can and Continental- buyers;
included four bottles : of. the
celebrated Quinta do.Noval '31
port (£135), three, bottles of the
same Quinta’s ;.v47: made from
ungrafted vines (£130),. a bottle
of 1815. port '.(£62L: La r ca¥e of
Le Montraohet .*71 -(£420); and
a single bottlenf-2812 Napoleon
brandy (£25Q_)i V.V; . .- -

The afle tom : ?was £64228, ,

’• •’’v V*: "y •.

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;J*-«».:'y, .

We at Audi are against change for changes sake.
f S o it wasn't just the fickle voice of fashion that led us to
replace the much-admired Audi 80 with the car you see
here. Of course, we hope you agree that the new model is

But more important is the fact that while we were
improving the 80’s looks, we also improved just about

a 6in thick brick walL So road noise is cut to a minimum
The dean wedge shape of the body has been

developed to cut drag. ,

The result is reduced wind noise, plus the admirable

side effect of saving fiieL

So although the new 80 is bigger and heavier than its
predecessor it is no more thirsty.

SAFER.

BIGGER The Audi 80 has always been acknowledged as one

The new 80 is 7 inches longer and 3 inches wider of the safest cars to drive,

than the last model. The new 80 is even safer.

This not only gives the three rear passengers more The longer bonnet has reduced deceleration impact

leg and elbow room but also provides a bigger door to by 10%. . ' u .

make getting in and out a rather more dignified process. The petrol tank is protected from rear impacts within

The wider track and longer wheelbase have the passenger safety cell. . , . 1

improved the handling of a car already renowned for its The doors, afi with anti-burst locks, are 20 /o thicker
ro^holding and stability And with an 11% greater window and wifi all open from the inside after an angled crash,
r-rea, the new 80 is both limiter to sit in and safer to drive. And the seff-sTabilising steering and dual circuit

' braking system ensures that, even in the event of a high-

K^ 80 a^inteverdcms.a]Iw 8 hl 588 cc speed blowout, *e car wffl stop safely in a straight line.

enjtfnes. WHAT MORE COULD YOU ASK?

The LS has a top speed of 99mph and accelerates You could go along to your Audi dealer and ask for a

from 0-60 in 13 seconds. test drive.

The GLS does 106 mph and 0-60 in 11.8 seconds. That way, you’ll find there’s more to the new Audi 80

The GLE, av ailab le a lMe later in the year, reaches than can be dealt with in a mere advertisement

113mph and feOmph from a standing start in 9.2 seconds. More space. More performance. More hush. And

These figures, incidentally, mean the GLE will more safety,

out-accelerate and outrun such noted performers as the In any order you like.

Saab 99GL, Lancia Beta 2000ES, BMW 3 16; Cortina 2000 j

Ghia, Rat 132 and Renault 16TX. Then€WAUGloU

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acoustic sandwich with thesame insulating properties as . X A X/AAA Vf •

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From £4,650.

10

financial Times f^iday April 6 1979

UK NEWS - LABOUR

POLITICS

• NEWS ANALYSIS-THREAT TO BL TALKS WITH HONDA

Spectre of a toolroom strike looms

BY ALAN PIKE, LABOUR CORRESPONDENT

THE GHOST of BL' s devastat-
ing 1977 toolroom strike has
<5hce against materialised, this
time to ^overshadow the discus-
sion about ‘ possible collabora-
tion between the company and
Honda of Japan.

If the toolmakers and other
skilled workers go ahead next
week with action on anything
like the scale of the 1977 stop*
page, there could literally he
iboch less of EL for Honda to
• Collaborate with. Mr. Ray
Horrocks, managing director of
Austin Morris volume car divi-
sion, declared bluntly yesterday
that EL would not be able to
Survive a strike of the type
■which Mr. Roy Fraser, leader of
tfie skilled workers. “ appears
ihtent on perpetrating.”

The toolmakers’ discontent
■has rumbled on ever since their
3977 strike. It almost reached
taisis point again last year when
^hey threatened another stop-
page in support of a group of
toolmakers at BL’s SU Fuel
terns factory expelled from
le Amalgamated Union of
Engineering Workers for refus-
ing to call off an unofficial
Strike. Now Mr. Fraser and his
colleagues have lit another, very
'Short, fuse and are demanding
■aft all-out stoppage from to-
night.

Basic issues remain the same
%s at the time of the original
Strike." The toolmakers want
Action to give them pay parity,
-restoration of differentials and
'S&parate negotiating rights,
sd This time, however, they are
Wot acting in isolation. Mr.
Fraser's unofficial toolroom com-
mittee has grown into the*
British Leyland United Craft
Organisation arid tonight's
I strike call is being made to all
: &)000 skilled workers in the com-
pany. Although Mr. Fraser has
^demonstrated that he has a
■>r— - . —

vr

strong foITowisg among some
toolmakers there is as yet no
way of assessing how many of
the other skilled workers will
heed the strike cal\

Both BL management and the
official AUEW leadership sus-

— ignore the strike call.

Last month 100,000 BL
manual workers voted 2-1
against a onion call to go on
strike over delays in making
parity payments because of
inadequate productivity, and

refuses to negotiate with the neglect made worse by the -dis-
united Craft Organisation be- ferentials — squeezing impact of

— m . ? _ . A _ i _ v - . Ta -rv - ma! ■ m. nMr» a . JaiMnwfl '

cause it is an unofficial body. It
has to remain an unofficial body
because the union is constitu-
tionally opposed to sectional
groups bargaining across com-

pect that Mr. Fraser's influence this may indicate a prevailing panics.

Edwardes plea as support weakens

SUPPORT for the strike
threatened by BL Cars’ craft
workers appeared to be
weakening last night, as both
the company and union
leaders warned of the con-
sequences, writes Arthur
Smith. Midlands Correspon-
dent

Mr. Michael Edwardes, the
BL chairman, issued a per-
sonal appeal to all skilled
workers to ignore the action
planned to start tonight.

“If plants are forced to
shut, we cannot guarantee that
they will re-open. It is a very
very serious situation indeed,”
he warned.

A strike now could “bring
the company down," Ml.
Edwardes said. He had strong

unofficial leader of the crafts-
men. who, he said, was “ on a
hiding to nothing.”

More than 100 , senior
managers in BL plants had
been trying to explain to
skilled workers throughout
the toy that “the objectives
Mr. Fraser says' he has are
absolutely unobtainable, un-
achievable, by these deplor.
able methods that he is
proposing to use.”

Hr. Edwardes emphasised
that a strike would not bring
forward parity payments or
achieve separate negotiating
rights for Skilled workers.

Mr. Fraser’s committee,
which claims to represent
8,500 skilled men, is urging an
words for Mr. Roy Fraser,

indefinite strike in pursoit of
improved differentials and an
immediate pay . rise to £90 a.
week. '

The craft leaders have
claimed support from 19 of
the company’s 34 plants: But
by last night the number
appeared to have dwindled to
about 10, including only four
big factories: Cowley body
and assembly, Castle Brom-
wich, and SoUbull.

Plants voting to remain at
work include those which
have supported Mr. Fraser in
the' past, such as Longbridge,
Brews Lane, SU Fnel Systems,
and Common Lane. Three of
the four biggest toolrooms
within BL Cars have also re-
jected the call.

pay policy. The demand' for
separate negotiations is seen as
a ' means of protecting the
interests- of a minority of crafts-
men in 'an industry dominated
by semi-skilled woskerv

The campaign to remind' the
AUEW of its responsibilities to-
wards skilled workers has made
Mr. Fraser many enemies, in the
official AUEW leadership. Mem-
bers of the executive got. so far
as discussing the possibility of
expelling him from ’the union
during last year’s SU strike. If
next week’s proposed strike goes
ahead and is badly- supported it
will not only be BL management
which breathes a sigh of relief.

Mr. Fraser and |is colleagues
are gambling everything on get-
ting support Quoting from Wed-
nesday's Financial Times. Mr.
Fraser said yesterday that be
agreed with comments by Mr.
Michael Edwardes, chairman, of
BL, that British society had
.“traditionally undervalued the
contribution of the engineer. 1

This is entirely Mr. Fraser’s
view. . Skilled engineering- wor-

kers are, he says, indeed under- 1 that employers should be offered for electioneering. The pro-

Hugh Routledoe.

Mrs.~SMriey Williams aid Mr. Albert Booth

Caslhfor-jobs scheme proposed

AY MICHAEL DIXON, EDUCATION CORRESPONDENT

MANY UK empiqFexs may face . Introducing the document, in
a choice of hiring more young London, Mr. Albert Booth and
workers in return for short-term Mrs. Shirley Williams , Employ-
grante or being, ftquired to do ment and Education Secretaries,
so by legislation.^- carefully avoided justifying Con-

A Government^ consultative servatiye claims that they were
document yesterday suggested using their Ministerial positions

has waned greatly since the 2077
strike— although this has always
been a difficult issue to test
without running the risk of
being proved wrong.

mood which will be reflected by
the cra f tsmen next week.

The company hopes the
skilled workers can be per-
suaded that if output remains

Yesterday, the industrial rela- high they will come dose to
tions department at Cowley, their demand— for a basic rate
where Mr. Fraser is based, did rate of £90 per week — by the

this target

,, mi . — - 1 , - j -= n obliging five education spokesman, said authorities and interest groups

S SfJJjLrJ!? Election campaign is apparently I employers to send* young wor- a Tory Government would be in planning educational ies-
claims ejsewnere a coincidence although a major I kers on courses:o& M vocational
disoute in BL would obviously I preparation.

its best to isolate him by refus-
ing to connect telephone calls to
the AUEW shop stewards’ office.
The company . hopes that next
week Mr. Fraser will be isolated

end of the year, while a strike
will make this impossible to
achieve.

But on Mr. Fraser’s demands
for separate bargaining rights.

in a much more serious sense BL can offer nothing and here
if a majority of skilled workers the issue becomes tangled with
— including many in toolrooms AUEW politics. The company

In any case, neither the nnion
nor company believe it would
be a healthy development to
grant separate negotiations to
one group^-a certain recipe for
leap-frogging
— for two years it has been
hoped that the company's new
centralised pay structure would
dampen this demand from the
toolmakers. . .

“Mr. Fraser and his colleagues,
however, believe that the AUEW
has done too little to promote
and- protect the interests of its
skilled membership — an alleged

valued and neglected and his
members believe they must fight
to reverse this trend even if it
does mean another dispute in
BL.

The timing; of the proposed
strike at the start of the General

pump-pruning
operation in
traineeships*’ 1 *
70,000 Id- to li
1982.

Failure to
couZd be Ie

for -co-
ding formal
ah extra
ear-olds by

posals were made purely for
consultation, they said.

But it seemed clear that the
scheme will be a plank in the
Labour election campaign.

Hr. Hark Carlisle, Conserva-

. training ' beyond school,, but
would not introduce any new
form of public expenditure in
that area until it had reviewed
existing provisions.

He ruled .out any legislation
to force employers to take part
in such a scheme. f. - 7 ;

A second consultative 'docu-
ment on the - 16-18 age group,
also published yesterday, setsr
out a large number of questions
to. be considered by education"

become an important election ]
issue. Its timing also coincides
with the meeting, later this
month, of the AUEW national
commitYpe — the body which has
to decide policy for a union in
which the claims of toolmakers
and other groups do not always
overlap.

keen to encourage youngsters to
continue their education and

ponses to the Impending decline
in pupil numbers. ; -

measures

sn

97

Si

ofl-

•if..

no

CL-

BBC unions set
to accept new
17% offer

BY PHRJP BASSETT, LABOUR STAFF

BBC staff are set to accept a .Stage ~One of Government pay
new pay deal which gives in- policy. ' ' ■*

creases of 17 per cent over 18
months from last autumn. Just
b'efore Christmas the staff had
ap arbitration award averaging
1<JJ per cent for 1077-78, after
threatening to black Christmas
programmes.

Details of the new award,
which covers about 26.000
Weekly a ad monthly paid staff.

Were being sent yesterday to
branches Of the National Union
of Journalists, and the offer will ] nnrn n r . r ^ Q

be put to members of the Asso- L P wpS’

ciation of Broadcasting Staff at Wlth 10 T oeat fo weeklv ‘

The deal will - give an
increase of 8 per cent backdated
to October for the monthly paid
staff and 10 per cent backdated
to August for the weekly-paid
staff, both to be paid in a lump
sum, for buying out the settle-
ment dates of both groups.

A further payment adding 9
per cent to the BBC’s £150m
wage bill will be paid from
April 1. The majority of tech-
nical and production grades will

their annual conference which
opens tomorrow.

It is expected that both
niajo'r unions,’ as parties to the
agreement, will accept the deal,
which brings together the
BBC’s 5.600 veeklv paid and
20.500 monthly paid stiff in a
common settlement, moving
their respective dates from
August and October to April.

^The difference in the due
‘tote for the two groups has
JHUsed' considerable strain with-
Jin the BBC since the monthly
gpaid staff felt that anomalies
fhad arisen from them being
Jcaught by the cut-off date for
ay increases at the start of

with 10 per cent for the weekly-
paid staff and 11 per cent for
certain low-paid grades.

The Home Office, which at the
time of an award averaging 16}
per cent by the Central Arbitra-
tion Committee just before
Christmas when the ABS called
a total strike of its 15,000 BBC
members, made it clear that any
breach of the 5 per cent guide-
lines would, be taken into -ac-
count' In considering any future
application in the TV licence
fee. is understood to have
approved the 9 per cent in-
crease.

The corporation, though, may
be asked to fund some of the
backdated lump sum itself from
present licence fees.

Weighell attacks Tories’
past railways policy

BY OUR LABOUR EDITOR

" Nothing like so blatant an
exercise of vested interests
working for private gains has
occurred in any European
country, or evenJn the U.S.”

A return to a -Tory Govern-
ment would be “ disastrous ” for
the industry, Mr.- Weighell

i k BITTER ATTACK on past
onservative policy towards fail-
’ays and public enterprise has
eeu made by Mr. Sid Weighell,
eneral secretary of the National
fnion of Rail way men.

He accuses the Conservatives

|of being allies of the road lobby _

* to create a bonanza for private ; writes. He also reminds mem-
enterprise at the expense of the bers of the railwaymen’s snub
public sector and the railways.” to the Conservatives’ Industrial
Mr. WeighelTs attack comes Relations Act of 1971. .when a
in an editorial in his union's “ cooling-off period " prescribed
weekly paper, Transport Review, by that Act ended with a big
It is designed to encourage the vote in favour of strike action,
union's 180,000 members and • Mr. ; Weighell’s attack — and
their families to vote Labour on. his failure to mention the some*
May 3. ■ . times violent criticism he has

The Conservatives recruited.' made of. Labour’s ‘ lack of
Beeching to cut the network financial support for rail — comes
while a “ major shift from road as no surprise from a union that
to rail was engineered,” he - has always been staunchly loyal
claims. to Labour.

Power men
likely to
agree on
9 % offer

By Pauline Clark, labour Staff

THE POWER workers’ unions
look ready to settle . peace-
fully in the wake of the
miners, and help . Labour's
election campaign. . Yester-
day their negotiators agreed
to recommend a 9 per; cent
pay offer pins an extra day’s
holiday and consolidation of
bonuses.

The offer will be put to a
ballot of the 95,000 industrial
workers which will not be
completed until a week after
polling toy. «

.During last year’s wage
round a ballot conducted
against a background of
militancy in the power stations
produced only a 500-vote
majority in favour of a settle-
ment worth over 20 per cent
for some workers. .

■ The unions led by the
Electrical and Plumbing
Trades Union and the General
and Municipal Workers’ Union
“ unanimously " agreed to
recommend acceptance.

An influential hut unofficial
shop stewards committee will
not decide for another two
weeks, however, on its own
response to the offer. Last
year, it recommended rejec-
tion of the Stage Three deal.

Mr. . Tom Crispin, national
secretary for power workers
in the Transport and General
Workers’. Union, said after
several hours of negotiations
with the Electricity Council:
“We believe this is the best
deal we can make tn the pre-
vailing circumstances and we
believe it is no less favourable
than the miners’ deaL”

The offer will add £4.60 a
week to the pay of manual
workers on the lowest rate
and £11.00 to the pay of those
on the highest.

Average earnings for
labourers are estimated at £75
a week. £90 for craftsmen
and £113 for foremen. A
previously rejected offer gave
£i less to the lowest paid.

Meanwhile, some progress
was made on one of the
union’s main demands for
canal hulldavs with . non-
birtnctrial workers with tiie
addition of one- (lav’s holiday
for.erervbodv and another day
for those with over 25 years’
sendee.

• Union delegates repre-
senting 704100 drivers and
conductors working for the
National Bus Company, the
Scottish' bus group and seven
independent companies will
discuss on April 12 a pay offer
worth about 9 per cent.

M^tro men reject £114 offer

bV OUR NEWCASTLE CORRESPONDENT

frrORTH EAST officials of the draw financial aid. days out of four and about every

jNatlonal Union of Railwaymen The NUR’s national executive other Sunday. If that's not
fjaave turned down a pay offer of meets next week to discuss the unsocial, I don’t know what is
TI14 a week for its 150 members dispute, bnt the union has and we Aa nt paying for it,” he
o drive trams on the £160m already said it will not agree to said.
gTyn eside Metro rapid transit recruitment starting for Metro
System. jobs, until the pay issue is

m The dispute poses a serious resolved.

Jthreat to the planned introduc- Mr. Alec McFadden, the
Stion of the super-trams in urfion’s regional organiser, said
^December, and is the latest in yesterday that another 10 per
& series of labour problems cent bonus for working unsocial
|which have plagued the Metro hours at weekends was wanted.

;over the past two years. At one “ Under the Continental shift

jtime the problems led to the system, our members will be

•Government threatening to with- required to work three Satur- to break the deadlock.

The £S14 offererd by the Tyne-
side Passenger Transport
Executive is £6 a week more
than that on the negotiating
table a week ago, and the execu-
tive says the increase takes
weekend working into account

Both sides are dne to meet
again later this month to try

Civil servants will

r •

present common
front in wage talks

BY PHIUP BASSETT, LABOUR ST AIT

CIVIL SERVICE unions, are to the formal suspension of
expected to meet Ministers co-ordinated Civil Service
today after all eight unions bargaining and representation,
closed . ranks yesterday -* to. Mr. Len Murray. TUC general
present a common front on' pay secretary, who had been irir-l
and press for improvements in' touch with general secretaries-
the Government’s “final” pay since Sunday on pay and the
offer of 9 per cent plus further split between the unions, was
stage increases. * ;■ ’ told yesterday that the staff side

The Civil and Public Services had been suspended.

Association and ti/e Society of Mr. Bill Kendall, staff side
Civil and Public/Servants yes- secretary-general, offered his
terday . pulled oft 22 of their resignation at the meeting after

BY PAUL TA

POLICE CHIEF
agreed on m
the possibility
attacks during the-,
lion campaign
candidates, polling
meeting places.

Mare than 50
met at Scotland Y;
to discuss security
the aftermath of to
Friday of Mr.

A statement

yesterday
to. combat
terrorist
neral elec-
• to protect
tions and

\ Constables
yesterday
Measures in
lurder on
IrNeave.
after the

meeting said the . fShief Con-

land, Wales <tid Northern Ire-
land, said they had examined
“all aspects of the security
cover.”

The head of the Special
Branch, Mr. Bob Bryan, and his
experts on Irish affairs, were
also at the meeting.

A big security check was
mounted for the meeting itself,
with cars carefully checked and
briefcases electronically
scanned.

Meanwhile, the Police Federa-

tes on an opinion poll carried
out by Market And Opinion Be^
search International, : .which
showed that- . 19 per cent . of
voters believe law and order
should be the main election
issue. .

Hr.' James - Jardine, Federa-
tion chairman, .said lie was
“ delighted ” that so many voters
had “got their priorities right’’

The Federation, which claims
to represent 95 per .cent of all

stables had agreed (m security tion warned that political parties police officers, said candidate

... ... ^ould declare where .they stood

on support for the. police and
the need for changes in toe
law, such as the return of capital
punishment

measures.- which do not treat law and order

Hr. Philip Kmgbts,Uhief Con- as a top election issue during

stable of the West Midlands and
President of the Association of
Chief Police Officers of Eng-

the campaign will “pay the
penalty on polling day.”

The Federation was comment-

BY IVOR OWEN .

CONSERVATIVE, policies will
lead to more strikes and rising
inflation, Mr. Peter- Shore,

“ If the attempt were made to
operate a pay policy of this
kind, we could expect the public

members [at the/Polaris nuclear the CPSA and the society made Environment Secretary, claimed sector strikes we .‘have been
submarine basrf at Coulport on clear their lack of confidence 1 in London last night. experiencing to become- a

the Clyde.- / *

The eisht uoi<

In the present representative
. ions at a meeting machinery, but his resignation
of the National Whitley Council' was not accepted.

Staff Side / yesterday unani
mously decided to seek an early
meeting wjth Ministers to press
for improvements in the 9 per
cent initial payment: for a
formula geared to helping -the
lower paid to replace the offered
payment of half the rises due
from the Pay Research Unit
comparability study in August:'
ana for bringing forward the

At the core of the split is
a “secret” meeting last week
before official pay talks between
five moderate unions and Mr.
Roy Hattersiey, Prices Secre-
tary. at which details of the
9 per cent offer were put
Mr. Ken Thomas, general
secretary of the CPSA. said
yesterday that there would now
_ . „ , have to be “ radical " changes

timing of the remainder of the in Civil Service trade union
/pay unit rises from March 31 representation.

The " explosion ” of public
sector strikes over the past two
months was an indicator of the
troubles a Conservative Govern-
ment could eSpect
Mr. Shore maintained that

regular annual event. ‘

“ Every year we would have
the rubbish piled up bn toe
streets. • Every year we would
have a disrupted health service."
He complained that Tory

things had suddenly gone wrong inflation policies as outlineu\by

next year.

The immediate agreement on
pay— even toe two unions whose
executives have accepted the
offer agreed yesterday to press
for improvements — was reached
in spite of a crisis in the staff
side . which led yesterday

0 The Post Office, already hit
by unofficial action which dis-
rupted . mail services, suffered
another blow yesterday when
6,000 staff, including computer
operators, decided to stage a 24-
hour strike from 10.30 last
night

for the Government as a result
of the December Commons
defeat which forced it to
abandon the policy imposing
sanctions against companies
which breached the pay guide-
lines.

What the Opposition forced
the Government to do was to
try to operate not its own pay

Mrs. Thatcher seemed to point
to higher rather than krw&r
rates of inflation.

West faces
choice
of elections

By Stewart Dalby in Belfast .

MR. HARRY WEST; leader of
Ulster’s Official Unionist Party,
is to announce today whether
he will contest . Fermanagh,
South Tyrone, the Westminrter
seat he held briefly between the
two 1974 elections.

At present, the seat is held .
by Mr. Frank Maguire, who
describes himself as an lode- .

“ She plans to cut income tax.; pendent Republican. . The con-
But how far does she Intend to 'ftituency is arguably one of two
do this by switching the tax hatural Catholic majorities in
burden on to. VAT, with -its toe province,
direct effect -on prices in the Unless • the - Catholic vote
shops? splits, as it did in the first 1974

She plans to cut. public election, no Unionist has much

policy, but the very pay policy expenditure. But how far does rdha.nce of winning it
which Mrs. Thatcher advocates- she intend to do this by raising ! The_ unknown factor in the
— control pay in the public the price of school meals, by
sector and leave the rest to free raising rents and Itoalth service
collective bargaining. charges?*’

Times electricians sign ‘Euro-sabotage’ clai

new agreement today

BY ALAN PIKE, LABOUR CORRESPONDENT

BY IVOR OWEN

DISENCHANTMENT in-Britain
over membership of the EEC
was caused by “ sabotage ” by
leading Cabinet 1 anti-
Markcteers, Mr. Peter Walker,
the former Conservative min-
ister, told the European Man-
agement Forum Round Table
in London last night

revised terms and conditions of Booth, Employment Secretary' , ca P e ^ . an

employment for the company’s it was decided that issues noi . n dunn ? the Tory campaign
92 electricians were concluded resolved by April 7 should go 10 re y i ''e the hope and vision
yesterday. to ACAS for conciliation. Offi- r * aected “ toe 1Q -*

An agreement covering the cials of the service are stand-
ffi£?? cians vf as approved. by the ing by to assist if needed.

TIMES NEWSPAPERS elec- Times Newspapers' raanage-
tncians sign a new agreement ment and unions are expected
today, taking the company one to deride todav whether to call
stage closer to a resumption of in the Advisory, Conciliation
publication on April 17. and Arbitration Service to

Negotiations with the Electri- assist with outstanding negotia-
cal and Plumbing Trades Union tions. Under a formula agreed
chapel (office section), on by both sides with Mr. Albert

coming Fermanagh election is
whether Mr. Austin Currie,
chief whip of the Social Demo-
cratic. Labour Party, plans to
stand.

The SDLP is the main voice
of Catholic moderation in
Northern Ireland. In Ferma-
nagh, however,- it ; tends- to trail
behind individualists like Vr.
Maguire, a former Gaelic foot-
hall hero, Mr. Currie has "riot .
most difficult areas of negoti-' yot said whether he will stand,
atioo; ‘ - - The betting is that Mr. West

Mr. . Silkin, an avowed arid will not contest Fermanagh,
enthusiastic anti - European," because he is also planning to
was-given the job. run in the European direct

But bis methods of negoti- elections. His party does riot

1975

EPTU executive eartieT thisyear
but rejected by the men. Thfs
resulted in an internal unum
wrang>> which Iasi month led to
the suspension of the union's
1.200-strong London • Press
branch by the executive.

The London Press hranch'-said
yesterday that the new agree-
ment, was more flexible on man

The biggest problems are be-
ing experienced in negotiations
with the 540-strong Sunday
Times machine chapel of the
National Society of Opertive
Primers, Graphical and Media
Personnel. Talks with chapel
officials have failed to make
progress and national officers of

reflected in
referendum.

Mr. Walker levelled his

sabotage ” charge at Mr. John
Silkin, Agriculture MimstPr.
Mr. Anthony Wedgwood Benn.
Energy Secretary, and Mr.
Peter Shore, Environment

Secretary.

It had been well known that
the Common Agricultural

Policy would be one of the

ation and public rhetoric were .allow dual candidacies, so .he
"designed to create maximum will have to decide which race,
friction and disunity within the he wants to run in. ■
Community, and designed to . He is known to be extremely
see that the hostility created keen to .run for Europe. Mr.
would allow little progress to West, a farmer, feels toat.be

be . can bo usefully employed within

The Government s failure to

secure CAP reform is also
attacked today by Mr. Nigel
Lawson, a Conservative Treasury
spokesman.

He said in a newspaper column
that Britain had a genuine
grievance but Mr. Silkin’s

European organisations in try-
ing to gain a better deal’ -for
Northern Ireland's farmers,
who suffer badly -from-!- toe
highly overvalued British green
pound.

Moreover, he has a good
chance of winning a European

c!u , msy seat while . bis' chances in Fer-
posturin„ had achieved nothing managb are - minimal imfess
in curbing CAP expenditure. . there is a. Catholic split.

ning levels and other issues. The the union are expected to meet
branch is now likely to he rein- management today in an effort
stated. to resolve matters.

Pickets’ plea for court
hearing out of town fails

Young Liberals ready to fight

MAGISTRATES in Nottingham
yesterday turned down a request
by a defence solicitor for cases
involving people arrested at
a picket outside toe Nottingham
Evening Post to be heard out
of town.

Mr. John Hodgson, represent-
ing nine defendants, said that

A frill report of the meeting
and pictures of the picketing
had appeared in the Post. Two
defendants could be Identified
from these photographs.

Charges against a total of 10
defendants include using
threatening behaviour and ob-

the picketing had been debated struclion of the highway. Mr.

hv a Nnrtinj?h.i7»sbire flmiritv Ron Tfnnwlac nAtt/vr nt

Council meeting- During the
debate. “ the clerk to the county
council was obliged to remind
the members of the sub judice
rules.’’

National Union of Journalists'
newspaper The Journalist is
among the accused, who were
all granted bail until the cases
were heard in May and June.

YOUNG LIBERALS are pre-
pared to break the law tf
necessary to achieve their
goals.

Their manifesto. Fighting
for Tomorrow, says: “ We
support the use of direct
action when aTl other methods
have failed. Although It need
not be illegal, wc are willing
to break the law where neces-
sary.'*

“Many unjust laws through-
out the ages have been
changed only after people
have demonstrated their
opposition In such strong
term s. Working through the
system cannot be successful
where toe system is biased or
unjust, as it often is in
Britain today.

V

The manifesto — which
seems in places to contradict
official party policgr^-afco
criticises Liberal attitudes on.
immigration. -

“We ‘are particularly
opposed (o the 1971 Immigra-
tion Act which brought a
specifically racial tone to the
British Immigration laws. The
Act distinguishes between
white and non-white Britons,
based on partiality, producing
a situation where British
citizens with a * right of
residence * are excluded on
toe basis of colour."

It also opposed incomes
policies “ which aim to

restrict pay- rises, of toe lower
paid, so that they cannot

maintain and improve their
. living standards -.

Mr. David Alton, the“new
Liberal MP for Edge Hill, yes-
terday gave his support to the
manifesto. He said it showed
that Young. Liberals were
coming forward with . new
-ideas. ‘ "

There is a great danger that
the establishment parities, end
indeed the establishment - of
the Liberal 'Party, can .too
readily damp' down toe-ideas
of young people." : - .

• Hr. Jeremy Thbrpe "WlU .
fight the.: election ' campaign
without toe sapport. Of the
formerV tender . of’ Ha con-
stituency: Charles -

' Yaggera. ■ ~ : v v •

£ v : ;

I

Posed

l,w

r* • • . ■ ■ ■•vo' ■

-" ' ^ Vi

■^cr--k

r:;-

greei

••• - ’* ir.:i

L ■:■■•. h".

electic

*#«*. 2::- -**•-

. . ■•- i-

V - • -

EDITED BY ARTHUR BENNETT AND TED SCHOETERS

• PROCESSES

V w ;••

CONTINUOUS, controlled' water ■
cooling, af liDtrT oiled wire rod to'
produce- a . finished article of.,
nniformiyhigh qi/Ali tyiiasbmr
achieved by... SKF -. Steel of
Hof ore in Sweden; v' -y

EDC, Hie: acronym . for- Easy
Drawing 'Continuously/ is the'
name of the process' which re-
sults- In a rod with llttid scale -
and go od ‘ d rawing character- '
i sties. SKF has found that a
high carbon -rod subjected to.
the EDC treatment ■ can- . be
drawn to a 90 per cent reduc-
tion ..without intermediate
aimealing, which' means a con-
siderable reduction in proces-
sing costs. ' '

Initially, in EDC, the Tod is
sprayed with water as it comes
from the last production stand
at around 900 degrees C. At
this point it has an austenitic
structure. .

The spray can lie ^controlled
to reduce the temperature to
800 degrees depending, on the
grade of metal and;£he charac-
teristics required.:. ... .

From this.-, point, the con-
tinuous rod is coiled down on to
a conveyor running in' -a water
bath so that a film- of steam.
immediately 1 forms around the
rod, insulating it and ^reducing
the rate of cooling so as to pro-

duce a line lamellar pearlistic
structure. As cooling continues,
the film of steam is broken and
nucleate bailing' takes place
which allows the -cooling pro-
cess to be speeded apA .

Average cooling.' time for a
high, carbon wire rod . is about
30 seconds: This can be- changed
by varying toe angle and speed
of the submerged- conveyor.

Speed* of cooling and coiling
in this process is such that
scale, formation is less than
experienced with conventional
equipment and what scale
there is consists, .principally
of ferrous oxide. Thus, time and
cost' of pickling can' .Be con-
siderably reduced. *Ip fact, a
rod can he made that is suit-
able for mechanical descaling.

Tensile strength.; of rod
treated by EDC lies between
that of air patented rod and
lead bath patented -rod. with
most of its other ^character-
istics. being comparable with
those of . the latter. Drawing,
schedules remain unaffected
with the exception that inter-
mediate annealing.'-, 'is not
required even in reductions
from 5.6 to • 1.32mm. -. ...

The process is - extremely
flexible and simple to alter to
suit many needs. . !

Pneumatic vibrators

AN INDEPENDENT; source of Instantaneous ■ starting and
pneumatic' y linear piston stopping- make fhe-'units suit-
vibrators, of British design and: able 'for either mandat'or auto-
man ufacmre.is offered in a new mated systems. 1 Only one
range of 11 models from Pulse- moving part is employed and
power Process Equipment, 10 maintenance, costs are., claimed
HiHing tnhr Ilfracombe, - Devon to be low. . * ■ . . s V „
EX34 8LU (0271 63239). • In. addition, because the units

Forces ' and displacements ate sealed they catt le used in
over the range are designed to hazardous, hoi, wet, or even
meet the requirements of the refrigerated conditipas.
majority of process equipment Applications wpi - include
makers and toeir customers. . fatigue testing of ^sompoaents
The vibrators are of the air ' and structures; a^tation and
cushion type, with the advan- mixing of liquids; .and , as the
tage that; the frequency and' drive unit for linear and bowl
amplitude ' 'can ha\ ; varied feeders, sieves, spleens and
independently : of each other, compacting tables.

• TEXTILES '

Cloth cleanly slit j

WITH MODERN, highspeed plashcmateriaL Breath the
looms it is common to weave- fabrfc is an anvil, ?br plate,
a mock selvedge and-.thenj if against-' which the ultrasonic
the material is ^thermoplastic, cutter vibrates. This 1 pounds,
this is mtfted away. a heated the material; generates IwJaK
element on .each, side of the .^5^ heat and . so separates the
machine. .With very wide looms fabric and seals it,/

The new la. been

SE jg-ssfl Sfe-s&si

^etriiiBjie.te4 elements ^"2“^
and there is comparatively high “““ “ e H ™ °£!?

Mill repair
plant starts
to roll

AMID TEE encircling gloom of
the steel industry, a bright spot
is the Sarclad operation, backed
by world . welding technology
leader ESAB and the British
Steel Corporation, which has
announced a major export order
for the Sarclad roll resurfac-
ing package.

In brief, Sarclad puts new
thick surfaces on the big steel
rolls needed in rolling mills at
a mere fraction of the roll
replacement cost. This precisely
controlled welding process
can also be used in certain
circumstances to effect exten-
sive repairs on rolls for a few
thousand pounds that otherwise
would have to be scrapped at a
cost between five and ten times
that of the repair work.

Sarclad technology has been High performance surfacing metal being welded to a steel

sold by BSC and ESAB to mill roll on Sarclad equipment similar to that which will be

Ensi desa, the Spanish national set up in Spain,
steel company.

Specifically it is for Asturiana

de Recargues Siderurgicos being formed by Ensidesa and heating equipment,
covering the supply of two Soldastur and It will put up the \ble to weld-surface mi P
Sarclad roll surface welding Sarclad equipment in a new work rolls, auxiliary rolls and
SSiLfLSy® 40 J to r Iines factory to be buiit at Mieres in casting machine rolls up to six
capacity respectively and for a northern c na iTi corvine dteel- metres long by 1.5 metres
specialised- heat - treatment diameter, the equipment will be

*ApX from this, Sarclad has other steel plants in Spain

ES the weld** *«■*£- T?

ables and provide the necessary plant while British suppliers International at POB 99. Bright-
technical back-up programme. will make the heat-treatment side Lane, Sheffield S9 2RX

Asturiana is a new company furnace and the specialised 0742 449071.

• INSTRUMENTS

Tight control of processes

FOLLOWING a four -year hardware. With common and settings of all the con-
development programme and an signal levels, interconnection is trailers can be mustered on the

° f ab £ Ut £2m i K ® n ! straightforward and it is pos- { ac * *? f * colour ert monitor
Instruments, a Brown Boverj sib i e t0 bui , d _ one backed by processor and disc

SgSjt ,s t0 launch , int . er ' totall^ equipped rontrouS per st ° re - ' ° n this centralised dis-
com Prehensiye loop, or with the display element && the operator is constantly
ojwcew eoaM equip- ^ H eaeh controller separately Presented with a status display
“tMOOll able to tacMe mounted in a major display with of “P t0 30 greups of plant
everything from a single con trol electronics in variables, and if any group is

control loop to a major plant M binets elsewhere u» alarm its alpha-numerics are

system with computer control flashed on the screen,

end management information Whsther this discrete or _

reprting. split architecture is used, the From the key-board the

The company is exuectin® to operator controls and indica- operator selects the group of
receive £I.5m worti^oforders in tions ®re available on the DIN interest and then has the choice

< 14 * x 72 ■“» «r »EO (175 i ® tar-sr a ph display- of 27

metals, chemicals power and 75 imn > front panels of the Plant iteras m that group, an.

SS tod^iriei ’ P ’ controllers. Vertical column «“°tated , mimic diagram,
Cornerstone of the design is “thermometer” gas discharge disjilay, or detail display

single loop integrity — froS bar-graph displays are used for a sm * le P lant ltem -

1-1,000 loops — ensuring a high t * ie . ^ P 0 .^ and measured a second keyboard associated

level -of plant security since vana ble, with a moving coil with the display, for use only
failure of one loop will not dieter for the controller output by the control engineer, allows
affect others, a problem where point is adjusted by thumb- changes to the display formats
common control is employed as w heel, and on manual setting to be made on-line, including

in' some existing systems. the controller output is inched the construction of mimic

Both analogue and digital up or down at fast or slow rates, - diagrams.

techniques are used in the ^ buttons. Variants of the —

various’ elements — they can display can be supplied to meet .
meet a present need but can be most needs. ;■

expanded simply by adding If required, all the variables ■■

Improving performance

TWO high-performance options
for the Eclipse S/250 processing
system announced by Data
General Corporation involve
models 8660 and 8661 Satellite
Processors (SPs). These are
peripheral processing units
available in general-purpose and
array processing versions. Both
include two circuit boards of
independent processor logic,
memory and I/O buses and
implement the standard Eclipse
instruction set with powerful
extensions.

Each model, running standard
Data General software, operates
as a- front-end or independent
processor to offload significantly
the host S/250 Central Proces-
sing Unit (CPU).

Model 8660 consists of 64K-

bytes of parity MOS with
memory allocation and protec-
tion (MAP) capability, mirco-
programmed with With a 200-
nanosecond cycle time, an
independent eclipse S/250-eom-
patible 1/0 bus, -a soft-ware
controllable console and an
interface for high-speed bidirec-
tional S/250-SP data transfer.

Model 8661, with its fast hard-
ware array processing extension, ,
consists of 56K-bytes.of parity
MOS memory and MAP plus 8K-
hytes of high-speed, bipolar
array processing memory, in
addition to processor logic, 1/0
bus and S/250 interface.

Satellite processors are on the
S/250 high-speed data channel
and act as an input/output
device.

Station able to converse

being formed by Ensidesa and
Soldastur and it will put up the
Sarclad equipment in a new
factory to be buiit at Mieres in
northern Spain, serving steel-
works at Aviles and Verina, but
also other steel plants in Spain
and in Portugal.

. ESAB will build the welding
plant while British suppliers
will make the heat-treatment
furnace and the specialised

heating equipment.

^ble to weld-surface mil?
work rolls, auxiliary rolls and
casting machine rolls up to six
metres long by 1.5 metres
diameter, the equipment will be
delivered early in 1980 and the
contract price is over £600,000.

Further details from Sarclad
International at POB 99. Bright-
side Lane, Sheffield S9 2RX
0742 449071.

AES WORDPEX has added to
its range of word processing
machines the most compact
Wordplex system so far built —
Wordplex 2. Size reduction has
been achieved by replacing the
original free-standing storage
unit and separate display with
a combined screen and storage
unit.

Only 5cm (2 inches) wider
than 'the earlier models and
using an identical display, the
machine's compactness has been
made possible by further design
advances and the use of minia-
ture discs for data storage. The
discs are boused to the right of
tlie screen and account for the
slight increase in width

The new unit can be in-
tegrated into a multistation sys-
tem without changes in hard-
ware or operating methods.
With the combined screen/disc
unit goes a separate keyboard,
which may be independently
positioned for operator comfort,
and a high speed printer for the
production of hard copy.

The screen can accommodate
128 lines of text with up to 254
characters on each line. The
viewing window will display 22
tines of 80 characters each at.
any one time, the desired area
of the total text to be viewed
being controlled from the key-
board. The bottom two lines dis-
play such information as tab and
margin settings as well as tine
and page numbers.

The discs will hold up to 70
pages of text and will allow the
merging of files when neces-
sary.

Being compatible with the
multistation equipment, the new
unit affords a low cost starting
point for organisations with an
eventual multistation need. It
can communicate with ■ the
multistations. which itself
can “ talk ” to other multistation
complexes, and can also com-
municate with miinframe com-
puters via the telephone net-
work.

AES Wordplex is at 27 Fitz-
rov Street, London. W1P 5AF.
01-637 5065.

quest;

[ Automated ’

Draughting Systems j
for Electro nlo
. Production

□uesc Houao, Princss Roost
Famdown. DonMC. SHJ2E SHE&
.TehlDHQa) B9101Q

Telex -41 359 A

• ELECTRONICS ;

Autotest

bureau

MANY MODERN electronic *
circuits, particularly if they ai£
digital (and the majority now
are), have reached a degree of
complexity such that they can
only be tested economically by
using expensive equipment. : -
Clearly, companies that have
top-class design ability (it might
only be one or two men) and
perhaps quite adequate facilities
for production, might not be
able to afford the necessary test
equipment. •

A new company intending to
attack this market has now been 1
set up by two ex-directors of
Merubrain. Known as Testech,
it is located on Duck Island
Lane. Ringwood. Hants, BH24
3AA (04254 77982) and will
undertake the preparation and
checking of test programs on a
sub-contract basis, followed if
required by testing, fault iden-
tification and repair of batches
of sub-assemblies using software
controlled test equipment.

Thus, Testech can provide a
service to those already using
automatic testing, or can pro-
vide all that is required to a
company that does not have the
volume of work to justify the
acquisition of test equipment
and personnel.

Business link will give more power

DEC and Hoskyns have reached
an agreement under which DEC
will market Hoskyns modular
applications systems for mini-
computers tMAS-M) on its DEC
data system-500-iine of com-
mercial computing equipment
MAS-M has been designed by
Hoskyns specifically for this
series and is a culmination of
12 years’ experience of design-
ing and implementing business
application packages! The pro-
grams have 10 modular elements
which can be installed
separately, enabling users to
phase computerisation of their
business or to grow and expand

ire water check

means confined to use on looms

these elements at red heat. .

New methods cutting and heatin g sections, or can

sealing fabrics have S fleve- ms P ect1011 “ d

loped in -France. ' The device rew3ad feames -
doing the work Is .called the The new ultrasonic slitting
Co&ptLss HiS: 30 -and instead of • and sealing system is reported
heat this unit ..operates with to give an exceptionally strong
ultrasonics. \ seal, and does not increase the

Couptiss -' is compact and thickness of the fabric, unlike -
mounted ’ above'.' the thermo- current equipment.

( electrical wire and cable? )

•NO MINIMUM
ORDER

•NO MINIMUM
LENGTH

. .ThcxisafKkoEt)^dndse^^

LONDON 01-561 81 18 • ABERDEEN (0224) 724333:-
GLASG0W (041) 332 7201/2 .WARRINGTON {0925} 8)0121

. ' TRANSFER CAUL CHARGES GLADLY ACCEPTED

24HR- EMERGENCY NUMBER tiT-637 3567 Ex. 409

ACCURATE and reliable mon-
itoring of the effectiveness of
watefTtreatment can he carried
out wl|h a high resolution in-
strument, Intended to record
purity of water products from
distillation, deionisation, re-
verse osmosis and other proces-
ses. .

Water purity cannot be
measured directly by detection
of the presence of totally-dis-
solved solids and gases. The
Pureaqmeter, calibrated in
micnxSiexnens, gauges the
water’s specific electrolytic con-
ductivity, which depends on the
amount of dissolved inorganic
solids present; and provides a
direct and instant reading of
these solids as well as a quick
indication of (as a guide) org-
anic and bacterial contamina-
tion.

Available with either visual
balance meter or seven-segment
LED display together with on/
off switch and warning lights
"and controls on an easily-read
front panel, the unit runs on
240V single phase 50Hz, with a
consumption of 5 watts.

A sensing cell — typically a
IK thermistor cell — is im-
mersed in water (or other fluid.

provided suitable calibration
has been specified) contained
in a vessel or passing through a
pipeline. The internal relay in
the unit operates visual signals,
remote alarms, lamps, recycle
units, automatic valves or
similar devices when the quality
of the fluid is below that chosen
on a set point selector.

Hysteresis is built in to pre-
vent the relay from “ hunting ’’
as well as providing positive
action at the trip point. Once
connected to the cell, the unit !
continues -to monitor the fluid
and display quality. Tempera-
ture ‘ compensation is either
manual by front panel control
or automatic, using a special
cell. Response time is less than
500 milliseconds.

Mason and Morton, M and M
House, Frogmore Road. Hemel
Hempstead, Herts. HP3 9RW.

‘d at a pace exactly suited to their in applications software. DEC
!C needs. Hoskyns pioneered turn- has been cutting equipment
ar key work on small ICL machines costs and sees provision of
li- and on segmented programming tested application systems as the
!C techniques. answer to the needs of many

n- Application areas are: users, including some running
accounts receivable, order pro- their own large machines,
jy cessing, general ledger, inven- One of the most attractive
is tory control, accounts payable, selling points in this move is
of invoicing, inventory accounting, that a user needs no computer
n- bill of materials, material specialists: Hoskyns with 500
ss requirements planning, and personnel in the UK provides
•o- purchasing. this support and, outside

ts This unprecedented move by Britain, is backed by the 1.500
?d DEC is a result of growing experts within its Martin
to awareness that the principal Marietta parent,
ir computer investment made by Hoskyns Group, 145 St John
id commercial users is increasingly Street, London EC1V 4QJ.

~YSTEM 80

Shipton System 80 makes your telephone
a world-wide control centre - Automatically

System 80 is the multifunction remote control and monitoring i
facility that operates world-wide through your existing telephone!
installations.

Its microprocessor circuitry carries out a wide range of
functions completely automatically, from activating central
heating systems to retrieving computer-stored date. It can .
switch systems and equipment on or off. virtually anywhere .
in tiie world, and has a built-in, 24-hour answering facility.-
Relieving overworked switchboard and telex operators, •
System 80 enables your instructions to be instantly earned ‘
out and your inforamtion-ceeds to be quickly satisfied.

System 80, therefore, keeps you in touch world- .
wide, regardless of time zones.

For further information, send us this advertise-.,
meat attached to your letterhead ar compliment slip.

Shipton Communications Limited.-
Spencer Court, 7 Chalcot Road, LONDON NW1.

Tel: 01-586 0711. Telex: 24998/.

$ Shipton Communications Lid.

“ jj. n • i • j ■

the Business-end of rn mmiinifwtinnc

RUSSELS

Edward de Bono

‘ k*

M £•

a special tutorial for DPpersonnel

23-25 May 1979

, Lords Banqueting & .Conference Centre
St Johns Wood R&ad, London NW8 8QN

Fee: £385 Tutorial reference: MEB .

‘Participants in this
special tutorial for data
pT °^ n * personnel have

traditional forms of logic;

P[° v ‘d e them wi ? h

of the creative logic of lateral thinking and with
valuable practice in its approach*

Edward de Bono ■

- the world’s leading authority In creative piinking

J -.■•

To reserve youV places now:

Telephone 0628 35031 Telex 847319
or write to

The Registrar ■ j

Infotech International Limited Nicholson House

Maidenhead Berkshire SL6 1 LD ■

Air conditioned offices to let
28,000 sq. metres
Totally or partly

Agent :

Compagriie Immobiliere de Belgique Division Jacques de Duve
(Group Soci€t6 Gendrale de Belgique)

Avenue Louise 500 B-1050 BRUSSELS
Tel. 02/648 95 10 Telex 21689

^ Financial Times Friday April 6 1979

THE PROPERTY MARKET BY MICHAEL CASSELL

THE LONG-SUFFERING sbare-
. noiders of Dollar Land thi s
(week find themselves receiving
i some more bad news from Mr.
Hugh ■ Brackett, the ever-
optimistic chairman.

Just -when it was beginning to
■ look as though’ the company,
after more than 10 years of liti-
gation over the sale of its U.S;
Properties, could clear the
decks for the restoration of its
Stock - Exchange quote, new
" uncertainties ” have arisen.

Although Mr. Brackett con-
firms that the seemingly endless
dispute between the company
and a group of shareholders has
heen resolved, he admits that
the so'rxy saga is not yet over
and asks shareholders to remain
. patient a little longer.

The problems of Dollar Land
began in 1968 when it sold what
constituted all its U.S. property
assets, the Parkdale Plaza
Shopping Centre in Corpus
Christ'i, Texas, an office building
in Orlando. Florida, and the
Cross County Shopping Centre
in Yonkers, New York.

An inclusive price of S27.5m
was agreed with purchasers
Brook Realty but a group of
Dollar Land shareholders, lead
by Mr. Sol G. Atlas, who
developed the Cross County
Centre and was a major share-
holder in and financial sup^
Porter of Dollar Land, took out
an injunction to stop the sale.

The group claimed that the
price was much too low for
what were substantially all the
group's assets, and succeeded in
dismissing the board and
appointing new directors. They

Land— ten years on

also won a temporary injunction
to stop the side being
completed.

In the following months of
confusion, shareholders voted
against receiving the accounts,
found at one stage that they had
no properly qualified directors,
and saw their company's shares
suspended.

Calls for a winding-up order
were accompanied by demands
for an official investigation into
Dollar Land's affairs by the then
Department of Trade and Indus-
try. Neither came about, though
in 1971 the Ombudsman criti-
cised the department for not
appointing inspectors to
examine the company's affairs,
wbicb had by then even been
raised in the House of
Commons.

Litigation, if precious little
else, progressed at a.. pace. Soon
Dollar Land, Brook Realty and
the .Atlas faction became
embroiled in a legal tangle over
whether Brook should he
granted specific performance of
tbe contract to buy the three
properties in question or
whether it should be granted
damages or both. -

Not until November 1977 was
the sale of the properties finally
completed, with a provisional
loss of just over £1.5m now
having been included in the con-
solidated 'accounts for the year
ended December 1977.

By October of last year, share-
holders were also in a position
to vote in favour of an agree-
ment to disentangle the com-
pany from the row with the
Atlas group i Sol Atlas died in
1973 but his estate and sup-

porters carried on). Mr.
Brackett had threatened to re-
sign if his plan was hat accepted.
It involved a £450,000 ont-of-
court settlement, by way of a
25 per cent share in Dollar's
U.S. mortgage loans, on actions
which had claimed the best part
of £2m.

The settlement, which gave a
surplus of £l.SSm included in
the profit and loss account for
1977, was accepted without the
expected show-down . between
pro and and board groups. Tbe
group emerged with net assets
of 84 p a share and usable tax
losses in its Canadian and U.S.
operations.

But hopes of a Stock Ex-
change re-listing were clearly
premature. Mr. Brackett this
week took comfort from the fact
that Dollar Land shares were
being informally traded at
between 46p and -52p per share
{around 20p was the going rate
for much of 1978) but said that
any application for a fresh
quotation was still out of the
question.

For if the’ Atlas interests and
those of Dnllar Land are
identical for the first time in a
decade, neither group is yet free
of disputes and litigation. Part
of the deal with Brook Realty
allowed for post-corn pie tion

adjustments to the purchase
terms, which Dollar Land
believes could be worth nearlv
£500,000 more than the original
figure but which Brook Realtv
fnow Bmok Shopping. Centres)
is disputing.

This is likely to remain un-
settled. however, until the result
is known of Brook’s claim for
damages for the increase in the

cost of redeveloping the- Cross
County Center as a result of tbe
nine-year gap between the com-
pletion date stipulated in the
original sale contract and the
actual dosing dates. A decision.
Mr. Brackett says, should be
reached before the end- of this
year and advisers say the
chances of succes for Brook are
slim.

A further complication is an
action, started by Mr. Atlas
before his death, claiming a
refund of real estate taxes in
New York on the Cross County
development. If successful,
lawyers would be due for 25 per
cent of any amount recovered
end the action would also affect
the purchase money mortgage
element of the Dollar Land sale
to Brook (estimated at just over
£2m).

Two other minor items of
litigation unconnected with the
property deals have also to be
settled, although both should be
ont of the way within a few
months.

Mr. Brackett says that when
all these matters have been
concluded, the accounts of the
company should be straight-
forward and the “voluminous
notes which have been appear-
ing year by year should be
reduced to the normal 1 propor-
tions of notes to the accounts
of a properly run company.”

For the time being. Dollar
Land's consolidated accounts
show an accumulated deficit of
£1.68rft and one remaining
income-producing property — the
Bristol Aircraft building in
Montreal— on which the direc-
tors are unable to place a
value.

Tarmac
drops plans

for £2.5m
head office

TARMAC HAS decided not to
go ahead with plans to build
itself a new £215m exe c u tive .
headquarters about three
miles from its existing group -
head office in Wolverhampton.

The proposal was to develop
two acres of a 22-acre site
which the group' has owned
for 20 years at DaneScourt.
TettenhaU. A planning appli-
cation was submitted about 'a.
year ago.

The - land In'- question is
green belt — recently, re-
defined as green “wedge” —
and the application . was due
for a planning inquiry. In' a.
few weeks..

Tarmac - was not, . appar-
ently, afraid of a planning
fight. The company 'claims
pressure on office^ space
throughout its principal
operations in' the town has
eased — head office has
recently' undergone what by
all accounts has been a fairly
painful slimming process
and so existing - accommoda-
tion Is now available. -

It also says the . money
designated for the 'Danes-
court development— It -would
have housed strategic: man-
agement from the : group’s
various operating divisions — ■
would be better Invested in
the business.

Tarmac, which has not had
the easiest - of passages
recently, with big losses over-
seas and a fair amount of
internal upheaval, has three
principal 1 operations * centres
In Wolverhampton.

INDUSTRIAL

NORWICH

x\

l^-Tl^etaes: office balding

?a%;lah!'e : iaM8^air^

- •' :

Cambridge*
•Milton Keynes

•BuryStEdmunds-,

Ipswich >/ .

Colchester-

• ■ -v. ? '-*/*• • -

j s- ,'*• i" *- 1 *• , > - > -- ' . T /T-

Chelmsford*

01-499 8163

Tendring

Drivers Jonas in Zy " S.

East Anglia . «King'sLynn

N ORWIC H 1

Drivers Jonas / - J

are \ / v:

\ „ . . , #BuryStEdmunds - 1 - -

extending brd9e *

the services T ..«*■**
they provide \

. . • . I Chelmsford* • "^1

irtthe region

for , •; ,\ K-u'

I industrial Companies,Developers and
Investors and have opened a regional ^
office at:- 11 St. Georges Street
NORWICH l

Telephone:- ;

Norwich (0603)

60506

18 PALL MALL. LONDON SVW5NF
TELEPHONE: 01-930 9731

Turn towards Tendring — combining Clacton-on-Sea. Harwich
and the North- East Essex Coaxial Area — h could be your
best decision.

If you are considering a new location lor your business, you
should find out what the Tendering area can offer in the way
of services and amenities.

1. Established Industrial estates with low rents and rates.

2. Stable and adaptable workforce.

3. Excellent communications by road and British Rail Spued I ink
to London and the rest of Britain. The port of Harwich is
also the gateway to Northern Europe and Scandinavia with
its freight and passenger services.

4. Good housing and recreational facilities for you and your
staff in pleasant town, seaside and rural surroundings.

Many organisations are already benefiting from their move to
Tendring — you can too.

For further information call Reg Mayers. Industrial Promotions
Officer. Tendring District Council. Town Hall. Clacton-on-Sea,
Essex C015 1SE, Phone: Clacton-on-Sea 25501 Ext. TZ1.

Factories and
warehouses

1,000 to 40,000 sq, ft

Sites up to
50 acres

Skilled labour available.
Housing for new and existing staff.

WALTER & RANDALL

ENGLAND’S GREEN LAND
FOR YOUR COMPANY
IN KENT,

THE GARDEN. OF ENGLAND

8 Acres of
INDUSTRIAL LAND
Immediately Available

PERSONAL CONTACT

Tony Jtis (Agent)
Walter & Randall
9-13 New Road,
Chatham. Kent.
Tel. Medway
(0634) 4S333.

Mike Psrke3
Development Officer.
Med. Bor. Council.
Council Offices.
Frindsbury,

Nr. Rochester, Kent
TCI. No. Medway
(063$) 79S31.

Ring BobUlmouth
0952613131

EDMONTON N18

Single Storey

FACTORY

with Offices

11,255 sq. ft.

FREEHOLD

Abbey Property tops f 300m

THE ABBEY . Property -'Fund
has broken £300m-barrier, : ,
which it dannx'mak^s it more'
-than twice the^slzc of any nther'
similar fund: .- v •• r- - ; ; v - /
. Since- its launch in 1987- the-
uhit offer price has risen by
146 per' cent, including
reinvested - income,- end in the
four years since the end of the -
property . recession it has
increased- by. over 83 per cent
os an offer-to-offec basis.

. . . The fund how stands at£309zn
. and Comprises nearly 200
different properties involving
about 600 tenants. It encom- .
passes offices, - shops, factories,
warehouses . and agricultural *
land lathe UK and commercial
hud industrial investment in.
'Europe.

— Mr. - Derek Flack, Abbey
senior property-manager, says
the quality of -the fund has
improved further in the last six

months. due to a combination, of
. 'purchases, sales and successful
deveiffpin^nt .lettiiigs. • ‘i '
. Durmg : the - .-last- .half-year,
nmVey than 350,000^ sq ft of
’ skxoiipjmclation has .been . let.
More than 80'per- cent of this
has- involved, industrial space on
new factory and warehouse
estates and, -at present, out af
an industrial, portfolio of about
4m sq ft, the fund has no space
to let immediately available. In
the last s& months, eight new
freehold acquisitions have been'
nhade- at n cost of abont dEflm. .-
. The percentage of freeholds
held has risen to more .than 80
per' cent, the remamder^tiemg
long leaseholds mainly with
109 years or more . to go.
Emphasising that the rent
-review frequency is one of the
add tests an judging the quality
of a portfolio. Mr. Flack points
out that, -for the first time,*nore

than two-thirds of the fund's
rental inewne is subject’ at least
to'fiv'e-yeariy roit’-reviews; The
-'hulk ol .the remainder are on a
, seven-yearly pattern. * .

- ' Now, 75 per cent of Abbeys

■tenants are to comprise public
companies, government depart
'meats, local authorities and
: other . statutory organisations-
The fund 'intends to continue to.
create a good proportion, of new
investments via development,
particularly as the - supply of
good quality, completed invest-
ments available on tbe market
at prices which allow per-
formance objectives to be met
' is likely to remain limited.

Abbey says that while it
intends to concentrate mainly
on office and industrial develop-
ment projects, it also hopes to,
become involved in a few care-
fully selected town centre
shopping schemes as well.

Richard Ellis makes French acquisition

RICHARD ELLIS has celebrated
its tenth anniversary in Paris by
acquiring the largest commercial
estate agency in France — GDff
C Groups Gonseil en Immobilier

D'Enterprise).

The merger will reinforce
Ellis’ agency department- which
will be headed, by Gerard
Aubert, the. former OTM presi-
dent and one of the best known
commercial agency men In Paris.
The deal means that Etiis holds
sole instructions on about 3m
sq ft of office pr operly in France. -
■ Still in Frfmce. the Paris Tjffitre
of Jones.'X'ang Wbction Iras sold
the office ' ebmpfei' at': : I6-1&
Avenue George Vto^ Allianz, the
German. -jnsuwhc^ % group..- for .-
£7.4m.JL.W was-aefing onhehaif
of Revillan Freres iand the--saie’
figure-' -was riose’- 'to'. tiie ^siting
priceiiThe building, his ‘ a_ total

Soar area of around 70,000 sq ft
and also bas frontages to the
Rue Marbeuf and- Rue de La
Tremoille. Most of the space
will, after refurbishing, be ready
for marketing in 1980 and is
expected to command top rents
in view of 4ts prime position.

Industrial space available
in East Anglia is falling and
rentals are increasing; according
to agents Drivers Jonas which
this week has opened a regional
office in Nqrwich.

• The property market-: in. Soot
land:- is '-"extfotaply ; buoyant;”
with the retail sector-doing par j
ticularly weliil ' according to
agents Richard. EDis: , • . .

... Increased' consumer expendi-
ture has led; they say; to an. Am-,
precedented demand, for jetail
^outlptsl hjy rnatiqnaL;;and local.

shop operators. In fact, 1978 s4w
the culmination of a six-year
cycle of rental growth which has .
created new demand and supply
patterns in all the high streets
of Scotland. ‘ . ' . - .

uni is says that locations suen
•as Argyle Street, Glasgow, ana ■
Princes Street Edinburgh, have
recorded very high rental '■
growths. Rents of up to £50 per \
sq it .have been achieved in
Princes Street, while in Saucbie^
hall Street, "Glasgow, they have ..

. reached -about £22.50 .per sq.ft.. .
, • The. charity clients of agents- |
Leavers who last weeje paid £2m
for a 1 Victorian . office^ shop ana
fiat development; have. now paid >

£L25to for 85,000 sq ft of inflns:

-.trial, space - in- Hbneypot Lane,
Loiidtm, NW9.- Ther. building has .
a rental income of, £120,000 ,a \
year: !- * • •

EDWARDSYMMONS

Tsl0fa34 8454

• 'By Order oi AsMord Borons* Council

ABOUT AA ACRES
. RESIDENTIAL BUILDING LAND
AT ASHFORD, KBVT

A level «ito wlihr main sarulcas suitable (or'low com housing
OFFERS INVITED IN THE REGION OF £3)0.000
FOR THE FREEHOLD

Apply; Bank Street. Ashford (Tel: (0233) 24661)

lOOfficesintheSouth East

* industrial, 'Warehouse

* Southwark, London SE1

* 4,000-60.000 SO. FEET
TO LET on economical terms.

VEWBMG through sole jowt AGENTS

AU CTION - 3^VVH)NKIW f 16th WUV 1979

• >'y ;• ':••>. ; _ .:• {unfess previously sakj)

FREEHOLD SHOP & OFFICE INVESTMENTS

BAIN DAWES HOUSE Hariands Road

HAYWARDS HEATH

Modemof fices arranged on ground end .four upper floors and
V comphsing about 51.880 sq. If. mstedctase to the railway

■ station in the town's principal office**^ Entirely let to Bain

. ' ’ Dawes LtdasubsHiia^otlrtchcape-SCaud^tnepuDlic

.conipany'onleafle^nnginl 992 .at '

per£177500 annum

• - . rising to £180,000 p.a. in 1981 with

. 1 . VALUABLE RENT REVfEflMN 1985

R0MSEY Bell. House
: - . . - 3G/32 Bell Street

' Mtifern and refwtsshtid of Hess in
■Own't^ritiap^non composing abour ll.IW*
'sg 'ft'wHh 34 on sue ea CVidung ^pao'S.

Frtet P £lllne, sn : P aL

! per £22,750 annum
' I VALUABLEBBIT REVIEW'lS83
Joinr^ucfKvieers lorRonisey

H ALL PAIN Si FOSTER

'• ^London Ro^Sdut^piOT SOI 2AD
. Telephone: 070328915--' '•

WEST MAILING

•=.*; 79-81 High Street

jnd otfice« in prospers

rriiclenrial 1 ww wiih 3J or.-siie car parim , i
«- 4 Wes with tdcirung publn; Liir paring lor <■
2(r7| Lrt'tbCARTlEF? LTD. ihe public comp.:'--.
W tlMtlHSiliRAHCE SERVICED LTD. at r-
lo»li«n:ol

per £38,130 annum
VALUABLE RENT REVIEWS 1980 & ? 1982

Auction to be held at ■

THE LONDON AUCTION MART
25 Little Wnity Lane, London ECA

Healey & Baker

i . -v. •

C~, y -trzz'- = -a 0 c -i'-zzz i -- \ .

R:-..SSf3 S.CS^CA ■>=*' ' K,J 5

/■ :::yi

_ 7

I \%i\ ' r;.

/ * * j - l * • y : ‘

- - -

* ***w

r * : ; ' • - *;
■ C . -

V; **• ' *’ ;

SOLE AGENTS? "

*.

E^SW 3

OFFICE BUILDING

:• ••• : ?<• •

scKft.

OR |

.. _~~s - • ^

TO LET

. .-A : v.

* jDruce Hdusi^ 23 Mancheste\Square,
LondoA Wl"A 2DD. telephone 01 -486 1 252

6600-57200 sq ft

londonsei

5,480 "45,000 sq ft

LONDON SE7

6^50-56,000 sqft

KING’S LYNN

21,000 sq ft on 2.3 acres

^K) for Industry

AYLESFORD, Nr. Maidstone

Warehouse
11.450 sq. ft.

LEASE FOR SALE

BEDFORD

3,550 sq. ft. Warehouse/Factory Unit

Latt P.emaining New Unit
TO LET

EAST CROSS ROUTE, E.3

2 Storey Factory

15.890 sq. ft. plus yard space

Moderate Renta!

GLASGOW (Birkenshaw)

Modern Distribution Warehouse/Offices/
Showroom. All facilities.

25,850 sq. ft.

TO LET

LEICESTER

New Warehouse & Offices
24,620 sq. ft.

FOR SALE/TO LET

LONDON, N.W.2

Commercial Complex
32,000 sq. ft.

LEASE FOR SALE — Low Renca '

SWINDON

New Warehouse

IMMEDIATE OCCUPATION - TO LET

TOTTENHAM, N.17

Single Storey Warehouse
3' 000 *a. ft. , .

TO LET — £37,500 pi- exclusive

King8Co

Chartered Surveyors

1 Snow Hiilf London, EC1
01-236 3000 Telex885485
Manchester, Leeds and Brussels

■ ' pi

on the Park...

y ’t ^ A-’n

“

. v ^

* ^

FOR SALE

V Milford Haven

South Wales
Freehold Property
Suitable for Builders,
Mechanical or Plumbing Yard

Apply. 1

WelcWpM Engineering Ltd.,
Station Road, Ampth-ill, Beds.
Tel: (05 35) 402767.

a 000 - 52 £) 00 sqft

mKnightslaidge.

This must be
the most dearal^
office acDommodatiaa
available today
in Central Ixmdbn.

Sole Agent*

Ide&jlevyi

01-930 1070

Estate Hoiuv. 1 Jermvn Street. •
London SW1Y 4L L. Hnslund.
Telex: 2077^1

Toutede suite

Mifler House -

20,000 sq.fl.

TO LET

Suites available

* Air conditioned
^ Carpeted

H* Fluorescent lighting

* On site car parking

* 3xl0personhighspeed hits

* Double glazed bronze tinted windows

For further details apply

W JOINT LETTWO AGENTS

WAITER S.

Healey & Baker FORKNALL

01-6299292 Maklstono (0622) 57225/9

fcdwarqlirdman

01-6298191

TRENTTY SQUARE, EC 3

6,755 SQ.FT.

Outstanding Air-conditioned Offices

TO LET

‘ j, _

FULLY HTIED READY FOR OCCUPATION

Erdman

23 College Hill.

London EC4R 2RT
Telephone:01-23b 3611

ru

PERK ESS

10 Nonhumberland Aliev
Fen church Stteet
London EC3N 2EP
Telephone 01-488 4421

PreehddforSale

•R^aii /ByTiTriiig Premises together with income from two shops

& fmai

Chattel

Conway & Co

wematv tommy ev u/

4 ^ Chartered Surveyors C

169 Piccadilly, London W1V 9DD Tel: 01-499 9646

SUFFOLK

Victorian period country house,_ 13
bedrooms. 3 bathrooms. 4 recaption,
sraft flat, full CH and 6 » cr »*-
Successful retirement home nui
suitable ior hotel, training school,
ete. Freehold £120.000.

R. C. KNIGHT & SONS (ref. J£S),
Chartered Surveyors.

Market Place, Stowmarket.

Tel: 04402-2384.

JT]

TTTmIj

T

m

■ a J

M 1 1 , i

igj|

I

k. j

*T *T* 7

S outhwark St. London SE 1

Entire office building.

10 car parking spaces.
Newly decorated.

Fully carpeted.

VIEWING THROUGH SOLE JOINT AGENTS

fiLHeant

sumps

Delta House,

44-48 Borough High Street
London SE1 1XP.

Telephone: 01-407 5321

[ Gluttons

74, Grosvenor Street, London W1X 90D
Telephone: 01-491 2768

m

§400

EAST KENT

LEASEHOLD FACTORY

PREMISES

18.640 sq.ft.

Tfr Single Storey Modem Factory

★ Two Storey Offices

★ Ample Car Parking

★ Oil-Fired Heating
’fc 3 Phase Electricity

ie Easy Access to Channel Ports

. Lease for Immediaw Assignment
on Extremely Attractive Terms

Details from :

17 New Dover Road, Canterbury. Tel: 0277 51155

74 Grosvenor Street
London W1X9DD

01-491 2768

Cluttons

950 hectares &

(2350 acres) Under Q

Basis n Dedication t?

offered for Q

sale in lots. y*

Situated c&2r \

between Aviemore * stfsp/r

and Grantown-on-Spey.

1

For further particulars apply to

f» ) SCOTTISH WOODLAND OWNERS

ASSOCIATION (COMMERCIAL! UD.
swoac 6 Chester Street, Edinburgh EH3 7RD.

RUNCORN NEW TOWN
CHESHIRE

FACTORIES TO LET

3,200 sq. ft. upwards
Rents from £1.30 p.s.f.'

Ring IAN McLAREN
RUNCORN 73477

AREA t

DALE AERODROME

on MILFORD HAVEN, PEMBROKESHIRE

(Ex-Roya] Naval Air Station HMS Harrier)

An ideal base to service the Celtic Sea and Milford Haven Developments
A unique opportunity presents itself for the purchaser to benefit from the
current and imminent Celtic Sea and Milford Haven Developments

75 Grosvenor Street,London, WIXOJB

01-4990404.

2,000 - 10,000 Sq. Ft Offices/Studios
Only £3.75 per Sq. Ft

Whitfield Street, Wi <3ose toTottehham CourtRoad.

CentralHeating-;partAir-<x>^^ telephones

CUENTC RETIREMENTS

1,500 Sq.Ftin\A^BadfoipajorlTTternatioia^ .

3,000 Sq. Ft intheWestEndfor Anierk^

^OOOSq. Ft inl^ctocriaorRi%^bridg& .

Chestertons, Chartered Surveyors. For all ycmrpropexty needs

.Financial Times H!rlday. April ^1979 ....

127000peopte

werfttowork

•*- • it's a tact Qwyd's wqrifc-

force can jnstJjrlay claim to -
oneottieb&laboOTrekiknis
records fofintais today.'

With tbisnnilti-s railed
workforce, proximity to nujar
markets and national/ - >. ■: ■
ffltwMntmai commamcationg
networks, this progressive -
Welsh co aory, widrfaH, .
Devrfqpnaent Ansa Statas, . ; ■'
dominates the north-western,
development scene. 7 .

Talk thus aboutthe low-
cost sices and factoxifca plus -
extensive financial afo vT - '
available fomcominggH. r— ■
industries.' we'll- Y
maker you a deal vV-'l .
you can ’r refuse. . . 8KI 1

Contact WayneS.- ^\\\ H
Morgan, County .- TJ ft

Industrial Officer, Clwyd \Uf/y
County Council, _

Shire Hall, Mold _

ITeL Mold 21211^5
for your free-

FOR INVESTM

Wv ,s '

This freehold site of 108- acres, is tailor-made and on the
doorstep to exploit the potential of the nearby Celtic Sea
current, oil/gas drilling exploration as an airborne base or
oi] refinery.

Alternative development is as a caravan holiday chalet centre,
being ideally situated within one mile of the beautiful golden
Marloes sands and Pembrokeshire National Park.

The aerodrome is strategically situated on che western extreme
edge of the Dale peninsula in a geographically commanding
posirion overlooking the deep .water channel of UK's eremirr
oil port Milford Haven, and the approaches to Bristol and
Sc. George's channels. Already estab’i'hed are Esso. Te«'n.
Amoco and Gulf oil refineries, B.P. Oil anker Jetty and tank
farm, with 64-mile pipeline feeding direcc to the Uandarey
Swansea B.P. Oil refinery. Shell, etc., offshore base, Pembroke
oil-fired electricity supply power station.

The present capital expansion programme of Texaco/Gulf
Cracker unit is £350.000,000 and Amoco £100,000.000.

Marathan are already supplying gas in commercial quantity from
their Celtic Sea Rig to Cork.

The British-lrish sea passenger cargo service will commence
from Pembroke dock. Milford Haven, as from April 1979.
Dale Aerodrome could be, utilised as local air transport link
for Che changeover of crews of super oil tankers using Miiford
Haven as their home port, and accommodation for local
refineries extensions labour force.

Existing facilities include five MainhiM aircraft hangers (each
6.750 sq. ft.l ideal for use by helicopters, with adjacent fifteen
helicopter pads supporting the convenient aircraft services.

The aerodrome has its own sewerage system, water mains,
telephone communications and electricity supplies.

In addition to this valuable air base a further area of adjoining
land comprising some 720 acres is available if required, giving
a total site area of 728 acres. This additional iand contains three
runways of lengths in excess of '.300, 1.250 and 1.125 yards
respectively.

Brochures and inspection to view invited through our UK Agent,

J. R. Eve & Son (Chartered Surveyors).

I Deans Yard, Westminster, London SVVIP 3NR.

Attention J. E. Montague. FRICS.

Purchase to be completed through our Jersey registered company:

Celtic Sea Investments Jersey Limited.

All interested parties please write in complete confidence with offers to purchase to the sole owner:
H. Millard-Beer (Celtic Sea Oil & Gas Company),

La Maison du> Cate let. St. John. Jersey. C.I.

■ HAMMERSMITH
SHOP, OFFICE &
INDUSTRIAL INVESTMENT
FREEHOLD FOR SALE
All lei on Repairing and Insuring
leases. Rent reviews every fifth
year, producinq £25.750 pa
Freehold £250,000
GREEN AND SON
172 Kina Sneer. Land on. W6
Tel: 01-748 4256

104 HEATH 5T. HAMPSTEAD
FREEHOLD SHOP INVESTMENT
Returning £7 .250 pa. Also •

206 Brixton Hill Freehold Office
Building lei to housing society at
£8.000 ps plus 36 other investments.
■ Mainly commercial. For Sale by
Auction by order of bank's
executors and trustees, April 25ih. .
HARMAN HEALr AND CO."

14 Roger Street.. London. WC1
Tef: 01-405 3581

AMSTERDAM

WELL SECURED INVESTMENT
SINGLE BLOCK OF SHOPS,
OFFICES & FLATS-
Sale and Leaseback to provide
trouble free, single rant Investment.
NET RETURN 6»,% .

INDEXED ANNUALLY
PRICE: D fls. 8.7 million '
Write Box TS0B0. Financial Times'
10 Cannon Street. E CAP -*8Y ■

Prarx : .*r<y Pc-ODte since iSS

WANTED

S.E. LONDON

FOR SALE
LONG-SST ABUSHED

MOTOR CAR BUSINESS

With Franchise

#. SUBSTANTIAL TURNOVER

Freehold Property
20,000 sq. ft. on 8.5 acres

BOLTON

Greater Manchester

Excellent central /

Industrial Development Site ■.

• 6.26 acres

For Sale'

freehold

ground

rents

FOR SALE

Kensington place, London

☆ Garage housing approximately ;

36 cars. At the present time Into the
N.T.G.B. at £10,000 p.a.

Rent reviews - 29/9/80 and 87.

♦ Ground rent income of £6,580 p.a.
from 87 flats and garages.

Further details from the Estates Manager.
THE J. M. HILL GROUP ■

Heather Perk Drive, Wembley. HAO 1SX
Tel: 01-903 6511

C F Singleton £ Co
Uoyds Bank Building
55 tfng iueat p\]

Manchester M2 diR E3

061-8328271 fciS

AGRICULTURAL INYCSl MLNf . Grange
Firm, &Unw>:k. Mall lgtwrQUs!'. Nsrtii-
an.* 193 j.vci Mntd Ijr.Ti w;ih term-
fiMts and bu’Wltqt. Let and craduimn
£5.367 p.a. ire»ie»«J with eScri Ir.m
39 Scatcrr.ber, l-?73>. Far Sale by Prl-
-»’te TreiJy Full actalk av.iii.ibie ric.ni
lie Agen-. Sorry Bros.. Castilian S:rcc:.
N;r:nampton. Phone i0£04i 21571 iRei.

FOR investment. Rerai I, Warehouse

c»vm,»cs 10 lei is oudIic company ai
£13.000 p.a. £l 37.500 ireehald Rjbcrt
Cr.JXirti S, Pamets 2*3 Northdown
Read. Ma.-garc. 0343-21404.

BUILDING LAND
AND SITES

frishold development site, cen-
tral BEDFORD, i. acre approx. OUT-
LINE CONSENT for Showranm. Wcrk.
shop and Olfi:c Development. Ta:al
16.1-70 sq- ft approx. For Sole. All en-
quiries ta Sole Aqents- Sf» .-.dill
Pence-ed and AUK'S. commercial De-
pprtmcm. 1-9. Cambridge StrerL Weli.no-
bcroalh. Tel. «933.> 76 £22.

I am ouc of “ stock M again and
my dienes still seek freehold
investments secured on shops
and commercial properties . '
Prompt inspection and decisions.
Details please to: • r ■ ' •

JACK MENDOZA

T r ‘ F S.YJKn

100 Blatdnnton Road.
Hove, Spssex. .

(0273) 7^2795.

SHOPS ANE&
OFFICES \

WEST MiDDX-

OFFICES — 8,200 sq. ft V

• Close to Heathrow Airport \

• 13 Car Parkins Sprees *.

• Full Central Heating ' $

• Hloh Speed Pasnonpar U'»s

LEASE FOR ASSIGNMENT

FARR-BE OfFQRO

I 41 The Broadway. W5

, Tel: 01-579 8282

I ALPERTON, MIDOX. Very modern offrcei.
■ 3^>O0 h. ft- • convenient location. CA.

1 ParcfUoned. Car parking. For lesfe-a t
modvate rent. Brendan*. 01-990 2711.

STOCKPORT

28,000 SQ. FT. —.NEW '

FACTORY/WAREHOOSE-

on Poynton Industrial Esta te.

- 18ft. eaves- .

: Excellent specification..'

TO LET

Only £!.4S' per sq. ft .

. - Contact:

Rowlinson Construction Ltd.

London Road South
Poynton, Cheshfre S'K72 FTP
TelL Poyn ton (09967 ) 77177

KENT

Nr. Maidstone
FREEHOLD

SINGLE-STORET WAREHOUSE ;

wbosq.;^"

. PERMUTT &ROWN Sc. CO.

61. Weymouth Street,-' London
Wl. 01-486 3338

SNTERNATSONAL PROPERTY

Williams

&Glyn’s

Interest Rate Changes

Williams & Glyn’s Bank
announces that with effect
from 6th April 1979
its Base Rate for advances
is reduced from 13%
to 12% per annum.

Interest on deposits at 7 days’
notice is reduced from
10f% to 9|% per annum.

WIUIAMS 8 GUnrS BRHH LTD &

Development Land

Wide choice of fully serviced industrial
sites, : r acre to 20 acres available.

Contact: Ian R. Holden. B.Sc. fEcon) M.B.I.M.
Director of Induslria] Development
Kingston upon HuB Citv Council
77 Low-gate, Hull. Tel: 10082) 222626.

pm,'

PROPERTY APPOINTMENTS

CHARTERED

SURVEYOR

City firm established and well known in their field are
intending to strengthen and widen the scope of their office
agency department.

The post will initially carry associate partnership status
and will involve the day to day management of the
department, the promotion of sales, letting and acquisition
of. office ^-accommodation primarily in central London and
home counties, the promotion of development in conjunc-
tion with established development and investment
departments, and advice to other partners and established
clientele on value and trends.

Applications are invited from Chartered Surveyors and
others experienced in the field. It is expected' that the
successful candidate will he 2S to 35 years oi age and have
had 5 to 10 years experience in West End and City. In.
addition it is thought that he will have a high degree of self
motivated Hair and . imagination and anxious to progress
rapidly. Salary is negotiable and It is anticipated that the
successful candidate will already be earning at least £10,000
and looking for Improvement. Car will be provided.
Application for this senior .and interesting post can be.
made on a confidential basis to Tan L. Brown of Surveyors
Consultancy. Sendees, 109. Klngsway, London WC2.
Telephone Oi-405 0732/01 405 8842 or direct to the
advertiser under P-0. Box T.504S. Financial Times, 10,
Cannon Street, EC4P 4BY.

'v5l

AL KHOBAR

SAUDI ARABIA

New Headquarters building of 2 1 5,000 sq.ft. '

TO LET

‘One of die finest buildings available in the
• Middle East.'

* Presume uir-«.«indi tinned cilices to let.

* Individual floor?, of 1 4,000 sq.ft.', c»r smaller
units available.

Quality, comfort and maintenance to the highest
European standards.

* Cluse to the Dhahran airport

White 5, ST HELEN’S PLACE,

VI 1 LONDON EC 3 A 6AU

Cl T> 1 01-638 5181-4

& Brown telex 299171

CHARTERED SURVEYORS

CANADA

20fl LUXURY CONDOMINIUM APARTMENTS IN
THE CENTRE OF OTTAWA, CAPITAL OF CANADA
For comfortable high-class Jiving
As investment 6% net — net for 6 years
Price from $40,000 to $120 000 50% cash

SHOPPING PLAZA
501,151 sq ft — 82 Stores and Offices
Gross income S1.6m •

Price $19m — 8.4% net — net on cash investment

Industrial Building

20-ycar lease-back from 10.4% to 21.2% net return on «•*<=!>
investment of $924,000

Full details from;

WiNZE N, ISO Regent Street. Suite 500
London WXR 5FA-Tcl: 01-439 6288 -Telex: 261426

or from:

Winzen Real Estate Ltd- 85 Richmond Street W_
Toronto. Out., Canada - Telex: 065 24301

MODERN FREEHOLD
FACTORY FOR SALE
NEAR ANGEL N1

7.150 sq ft with land at rear for
expansion. Currently tonad -light* In-
dustrial. Ongmuliy. warehouse.'

Gantnes fitted for. overhead
cranage throughout.- Offers In ihsv.
region of E2SOJX0
Ring oi-«j 7 4791

MODERN LANCASHIRE : :
...WAREHOUSE
i. rniliion -cu. It.- available. . -.
Would wit shippers of carton goods
— Orlve-ln ratk.ae. own; . transport
facilities, complete with-, staff . Bid
security Coverage, --

Make This Your Central Depot

Psy for what vou occupy and die retort
. , rjduco your ojertioedK -

.Aoqly-Box T.SoaB. Firario*! .TJm**,
lf>. Cannon Sire*?. SLOP 4BY.\ .

*-'*1

“H-; - - sr.jP

•- iir.

f!f

• i

I— I , I'Jt,- ■ ■

iiiL-.x;-

HOTEL-CASINO
. ATLANTIC : CU|1|!!

Prime location on the Boardwalk. Atlantic City,

USA, available for development. Site fo con^ote And^zoned^for

a major hotel arjtf casino. Owner Mitt iiegoti^; lease wjcfi
financially qualified principals only. - . _ . . ' JC- ]*

Write Box F109B, Financial Times. 10 Cannon S^t^£CiP 4^Y \

MONTE CARLO
OFFICE ROOMS

In commarcia] cantre. 13 - Blvd.
Princ. Chfriotte, at snosr level. 480
aq.m. incfudmg oarage.

. ; TO. RENT ,;V

Write Sisson, or cott 505730.

X

W£?*3‘ ;

:

"*■!.'. ~l-l S’"

: '^?A

-r$

; . Tl . ;n'

A:.g

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• •• J.-u

rOt^SES AJffi
^E^OUSIS

' G SO ft. _ ©

T-gv WDE3?

: V"'- n l-iroulfa

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*03: IS - ■-=
FAC’O-'r

.h’TE®

Nicholas Leslie on a plan to tap the experience of older executives

k. ‘talent bank 9 for industry

WHEN John Angelbeck and
Philip. Gihbs established Execu-
tive StauHSy -five- years ago
their modest aim vwas .to help
find shortterm assignments for
older executives who* had either
retired early or had beenmade
redundant,; hot whofelt they
still had some expertise to offer;.

Very earty on the two men's
horizons widened. Instead of .
only seeking assignments- jn- the ;
UK : theyj found . themselves
placing executives overseas as
well, in both short and longer
team jobs;

In the process, they began to
build up a register of people
whose disciplines ranged across
such areas; .as ; accountancy,
engineering, personnel, works ,
management, : _toarketiiig and
production. '- Fortner : directors
of IargO organisations and
smaUer ^companies also became

Angelbeck has now devised a
scheme for a. “ national .talent
bank ” which . aims- to ' use the
Executive Stand-By register, as
the basis o£ a much larger pool
of executive talent. . in age
groups Tanging predominantly
from 50 upwards.' but. not ex-
cluding those in their 40s. AH
will be seeking the . type of
assignment in which Executive
Stand-By has come to specialise.

It is reckoned by Angelbeck
and Gibbs " that there are

around 30,000 older executives
who “Wish to wnttnue being
productive members of the com-
munity.” On the other hand,
Gibbs acknowledges that not all
of : those registered' with
Executive .-Stand-By would in
practice be willing to take up
assignments at short notice after
they 'had been retired for a
while.

Problem

. . Of those registered- with
Executive Stand-By a fairly
large- number have not been
. found assignments for .one
reason or another. Part of the
problem has been the continuing
reluctance of industry to con-
sider people in the upper age
groups. “ For the ovq?. 50s the
chances of jobs are not very
good,' 1 comments Gibbs.

Angelbeck plans to draw
together other organisations
bearing the Executive Stand-By
name, but which -are indepen-
dent -of his own company. These
cover toe Midlands, the North-
East, and Wales and the West,
dngelbetic’s Executive J5tind-By
has around 700 people on its
register from 281 different
organisations— the basis of the
talent bank— but this, rises to
over 1,000 with the other organi-
sations, .all of which are non-
profit-making but which, none

the less aim to operate on a
commercially viable basis.

At the launch of the scheme
this week interest wa§ shown by
some major industrial figures
and by similar organisations
which have broadly the same
objective as Executive Stand-By.

The industrialists included
Sir Jack Callard, chairman of
British Home Stores (and
former chairman of ICI), Sir
David Barren, director of
Midland Bank and former
chairman of Shell Transport
and Trading. Sir John
Partridge, director and former
chairman of Imperial Group,
and Lord Plowden, president of
Tube Investments.

It is no coincidence' that
directors of large companies
such as these should have been
present, since many have a
policy of offering early retire-
ments. Indeed, ICI provided
Angelbeck (himself a former
ICI executive) and Gibbs with
financial and other assistance in
the early days oF Executive
Stand-By (and still does provide
n on-financial support), as did
Pilkington Bros, and Bass
Charrington. Executive Reserve,
a similar orcanisation started
just over three years ago, has
had the backing of BP, which
also operates early retirement
schemes.

Not surprisingly, a fair

number of former executives of
large, companies are on the
Executive Stand-By and Execu-
tive Reserve registers. And, as
Angelbeck remarks, his
“ national talent bank ” will, in
particular, “ make available
more generally the sophisticated
skills that tend to be associated
predominantly with the large
corporation.”

Useful skills

The skills are felt to be parti-
cularly useful for medium and
small companies, for example
to help them over a particular
difficulty or to fill in a gap until
a permanent appointment has
been made. They can also help
in setting up an entirely new
enterprise or in projects being
carried out by a voluntary
organisation (in which case
Executive Stand-By waives its
fee).

According to Gibbs, Executive
Stand-By has to date filled about
400 vacancies in 80 different
organisations. These have
included an engineer to super-
vise erection of a bridge by
local labour in Brazil, a director
with an accounting background
to help in toe handover of a
family food processing business
from the owner to his inexperi-
enced daughter, and a general

manager for a hosiery' company
in the hands of a receiver.

. For voluntary' organisations
an accountant has been found
for the Womens Royal
Voluntary Service and several
people have been provided for
various of the Councils of
Voluntary Service around the
UK. Then again, people have
been found for British
Executive Service Overseas — an
organisation operated by the
Institute of Directors which
specialises in short-term and
unpaid assignments to the ,
developing countries.

Other organisations repre-
sented at this week’s - talent
bank " launch included the Forty
Plus Careers Development
Centre, a non-profit making
concern sponsored by leading
UK companies and the Man-
power Services Commission
which aims to help executives
to become more effective in i
marketing themselves when
looking for jobs. Similar
organisations exist in the U.S.
and Canada.

Another, again .similar, con- ,
cern was the THinc Group (UK),
a subsidiary of the THinc Group
toe. of the U.S.

Executive Stand-By will be
operating its national " talent
bank” from its headquarters at '
310 Chester Road. Hartford.
North wich. CWS 2AB, telephone
Sandiway SS3849.

Poor social status,
little reward and
second-rate skills

BY CHRISTOPHER LORENZ

A GB

THE EXECUTIVE SECRETARY

An important one-day seminar
18th April, Chaiyng Cross Hotel London
-•- E70.004-VAT

Book now with- Christine Brandon on 01-353 3651

H AGBConferenca Services L&t. . - ■

^^y^Ludgate Hbuse.1 07/1 T 1 Ffeet Street, London-EC4A

v NOVO INDUCTRI A/S ; .

The Annual General Meeting of the Company will-beheld
on Thursday, 26th April, 1979 at 4 pm. at toe Hfindvserker-
forening (Mottkes Pals), Dronningens Tvsergade £ 1302
Copenhagen K, with toe -.following agenda.

1. The Board of Directors* Report-on the; Company’s 1 activities

m toeyear'endedSlstDecembeT, 197S. -

2. Presentation of - the financial statement, au di tors’ -report

and consolidated group -accosmta. -

3. Resolution, concerning adoption of the profit anfi loss

accorat and, balance sheet, including the discharge of-
management and directors from their obligations fa -this
respect •••.'••' -. .. • • ■ -V -•'••• ' ** "•

4. Resolution concerning toe application, of pioflt in jiccord-

... _ance with the. adopted accounts., *

'5. Ele3tftHi ofmembers to the Board of Directors; .. j-0

6.-Election of one deputy-member tp tog Board-of Directors.

- "7; Appointment of auditors. - ’ r

8. PropOsais 1 -«;any, from the Board of Directors! or from
shareholders.. '

Admission cards and voting papers are available for
coUebtibn,'or t&~pbstal application at the Comg&hy's office.
Novo AUe; 2880 Bagsvserd on all business days from 10th April
.. to SO tifrjfeo riL; 1970 both days inclusive.' between 10 am and

Where shares are registered under the’-'hohfer's name
admission cards, and voting papers will on application be
issued direct! y~to a^ shareholder (stating the serial numbers
and nominal value of his shares).’ • to Tespect of other shares,
admission cards and voting papers are issued against pro-
duction of the share certificates or any - other documentation
considered in. the opinion of thq Company to be satisfactory,
e.g. a written statonent front a bank approved by the Company
to the: effect that toe shareholder has deposited share certifi-
cates identified by serial numbers and nominal value, in toe
bank; that .toe-shores bear no endorsement to tbe effect that
they , have been registered under the holder's name: and that
toe shares will remain deposited in the bank- until the day after
toe; General Meeting for whiefaytoe shareholder requests an
admission card. Unless the shareholder -.spe rifles -an . address
where toe admission card shall be sent to, the admission
card, must be collected <at the Company’s office not later than
25th -April, 1979 or will' be sent to . the shareholder if he
specifies an address.

The agenda, toe complete proposals and the financial state-
ment. auditors’ report, and toe consolidated group accounts
will be available for inspection by shareholders at the Com-
pany’s office from Wednesday, 18th- April,- 1979, The financial
statement, etc. are available from the Company or Morgan
Grenfell & Co. limited. Registrars Department, 4 Throgmorton
Avenue, London EC2P 2NB as from Uth April, J.979. However,
toe financial statement will be submitted to the shareholders
(whose shares are registered under toe holder’s name in toe
Company's register of shareholders. ' .. -

The dividends declared at tbe Annual General Meeting
will be paid (less 30 percent, dividend tax) from Friday, 27th
April. 1979 against delivery of coupon number one. Payment
will take place at Copenhagen Handelsbank.^.Holmens Karial,
DK-1091, Copenhagen. K, Denmark.

Information on .the special taxation rules applicable to
shareholders resident In toe United Kingdom or the Republic
of Ireland may be- obtained from toe Company.or from Morgan
Gren£ell-& Co. Limited. -

- - ' ! . Signed The' Board .of Directors.

Turning a tough mission
into an export success

BY RHYS DAVID

THERE TENDS to be a sharp City Council was also willing are clearly not expe

divergence of opinion ' about to help with funds. immediately, but members of

trade missions between those a more difficult problem is the group nevertheless came
who go on them and those who to ensure that missions are away well satisfied. Two com-

neils of Yamaha used British design
und the proposals the UK industry turned
pie have down

British

S M?~thS THE CURRENT British debate
° whirh a * ,ou ? how to stimulate indus-
J and tr * sl innovation is in danger of
! v" TZp ignoring th'e two most important
me p ro bi em s of all — the shortage of
high-quality engineers, and the
-tulnt discouraging socio-economic
. environment

he r on>‘ .

•lopraent This common theme emerged
making this week from two very
leading different meetings: yesterday's
he Man- annual conference of the Design
nmission 3nd Industries Association
cecutives 1 DIA) and a discussion on Tues-
ctive in day at the Institution of
; when Mechanical Engineers about the
Similar report on Industrial Innovation
the U.S. submitted by A CARD r to the
Cabinet Office.

Ear. con- British companies should not

ip (UK), be surprised that they are so
mi Group short of good engineers. Pro-
fessor Gordon Blair of Queens
will be University, Belfast (and design
*• talent consultant to Yamaha), told
arters at the DIA meeting. For genera-
lartford. tions engineers bad earned poor
elephone salaries in the UK: in a

capitalist society this inevit-
ably produced poor social status,
■ ' he pointed out.

To study law or medicine

n today, a potential student will
need three ” A " grades at GCE
A level. Professor Blair said.
But for science or engineering
he will need only three " Cs "
for university entrance, and
maybe only three "Ds” for a
polytechnic course.

Rebutting criticism from
various government and other
committees that “ university
expected engineering research is of au
nhirc nf ivory tower variety with little

told the DIA that research by
his unit at Belfast was being
sponsored by the Japanese.
Germans, Austrians, Italians,
Spanish, Swedes and Americans.

Who will act first “ to get the
best school-leavers into
engineering, before we secede
as an industrial power?” Prof.
Blair asked. Will it be govern-
ment offering the highest uni-
versity scholarships to engineer-
ing students, os has occurred in
Ulster for a decade and as was
recently proposed by tbe
University Grants Committee
for ■’ the mainland?” Or will it
be industry offering “ the
correctJy-sized carrot" to good
engineers?

Pointing to the experience of
the Republic of Ireland. Prof.
Blair said that for the past
generation engineers were the
best-paid university graduates.
As a result, he suggested, - the
best-qualified school-leavers
study engineering at university.

In other words, the normal
forces of supply and demand
had solved the Republics
shortage- of engineers. “ Should
we try it?" .he asked.

Forceful

A more difficult problem is the group’ nevertheless came ^ e,e '’ an ^

a»a 3 wav well RatrsfTprf Turn mm- Blair said if ray graduating

do not Any participant will tell effective, and that the time of P? nies took firm orders worth e othe r^t o &d Am erican

you about crammed schedules, those participating, is well-used. £35,000 in total, five companies 311 , me °tner to American
tough negotiations long airport in the event tbe first Leeds took trial orders worth £2.000, employment, : you can be sure
delays and the like. But the mission this time last year to eight appointed Swiss agents. * 1 “ " ot ^ Ir .

sceptical listener is more likely the Netherlands provided a one company arranged to have n .° w engine aesign is cun-

to think of it in terms of travel good test run. By the time of - ilx product manufactured in
to exciting places, relaxed even- the Swiss mission at the end of Switzerland and two companies
mgs in the bar or expensive 1978 a system had been worked arranged for potential

restaurants, and all at some- out

body else's expense.

placed heavy customers to visit the UK.

tured in sidered irrelevant ”
ompanies Professor Blair has become
potential widely known following his

So when one particular mis- tion.
sion collects unsolicited praise Well before the mission’s
from - British Government visit to Zurich Mr. Stockdale
officials, responsible for promot- conducted a series of interviews
in- pptoaps toe - most with participants atr which he
indiu^- European market of armed himself wi-tb details of
all — Switzerland — it sug- the products they could supply

„ , at' toe least that toe and toe type of deals they

approach must be worth examin- would like to arange with Swiss
ing. \ contacts. A preliminary visit

™ to Switzerland was then made.

T rliSmprne at which he was able -to- brief

Leeds Chamber of Commerce „

British-Swiss Chamber of Trade

emphasis on advance prepara- , With the new business fixed

success in persuading Yamaha,
the Japanese motor • cycle

tip the tired businessman can maker, to adopt design pro-
prove that he has not been on posals which toe Brtish motor-

just another jaunt.

1

cycle industry had rejected. He

The argument about en-
gineers' pay. and the much
broader question about whether
the “welfare state mentality "
discourages enterprise and
excellence, was echoed at both
meetings. ' One of 'toe most
forceful speakers at both was
Mr. Kenneth Corfield. deputy
managing director of Standard
Telephones and Cables and
author of the recent report, for
NEDC on Product Design® 1 .

“ For decades the govern-
ments of this country . . . have
led us down a path of strictures
and stringencies of bureau-
cratic control, of high taxation,
of huge and increasing state
expenditure burdens, and have
set a pattern of mediocre
performance and average com-
petence which makes it
extremely difficult • for the
wealth-creating sector of our
industry .to shine." Mr. Corfield
argued at the DIA meeting.

• Exorbitant tax rates freeze

capital. Mr. Corfield complained
to the mechanical engineers,
making it cost effective only for
money to be moved around,
often inefficiently, within a
company, rather than being
paid out in dividends to the
investor so he can invest it in
more efficient enterprises else-
where. Z

Enlarging on this theme iSt
the DIA meeting, he said suc-
cessive governments had put
ever-increasing obstacles in the
way of wealth-creating industry,
so that “large-scale industry is
almost totally dependent on
capital provided by the tax-
payer. since the reformation of
1: -3 pita] through profitability in
toe private sector has been so
seriously inhibited.

"The resulting distortion of
the market has created a depen-
dence which itself calls for
further government aid. so per-
petuating a vicious circle of
declining ability to compete in
the real world." Z

Another constraint on innova-
tion debated by the Institution
of Mechanical Engineers was an
2 11-ton-common lack of market-
ing experience. Engineers in the
profession should be given
more, b >th in industry arid
before they left university,
urged several speakers, includ-
ing Sir Hugh Ford, head of the
Department of Engineering at
Imperial College, London.

Commenting on the ACARD
report, Mr. Gordon Dawson.
President-elect of the Institu-
tion and head of the Zenith Car-
burettor Company, said that tbe
most important immediate con-
cern in innovation was the
application of existing tech-
nology to manufacturing, rather
than advanced technology,
which was a long-term issue. He
also suggested that small com-
panies frequently required less
help than medium-sized anti
large ones with existing tech-
nology.

- Industrial Innovation, pub-
lished by HUSO for the Advisory
Council for Applied Research
and Development From Govern-
ment bookshop*. Price £1.

* - Product Design . .4 rail able

from NEDO Books. 1, Steel
House. Toth ill Street. London
SXV1 9U.

i D g_ \ contacts. A preliminary visit

™ to Switzerland was then made.

LeTSs SbeV of^ Commerce 'the

C^mber'^vlew toaTwhile toe British-Swiss Chamber of Trade

and leading Swiss banks, about

of ^ markets in 111056 on ^ mission i what the >'
tiie development made and what they were

Europe, themselves, smaller V™* ^

companies thinking about f . ■

exporting for the first time With this amount of know-
might need some help. West ledge about the companies, the

0 ■ • ■ « nnrtcillof P TifQr o n I O .TA T^lQir P

Yorkshire itself has a highly
diversified industrial base con-

consulate was able to play a
much more effective role itself

ing, textiles, clothing, chemicals lng T c ^ se1 ^, wlth JJl 6 Ch ^w?I
and * other manufacturers, and [ n Leeds - consulate was able

mi...):-

t.

/ i

r ' ^7 A

W 4 -

: 'V.- . -

* j

w *

i i

J

j

mm

with toe decline of sterling a
number of these have begun

to co-ordinate appointments
suggested to it with other meet-

to find exporting poten tially i*gs arranged directly by toe
attractive. Their requirement companies themselves.

is for relatively near markets
where they are able to follow

At the start of tbe week-long
visit itself, toe consulate laid on

up inquiries quickly and offer an initial reception at which the
prompt back-up service. 12-stxong mission was able to

. . _ , , , _ meet representatives of Swiss

As such they had been faUin 0 business, banking and Press:

between two stools, unlikely to
benefit from long-haul missions

the - following morning the
members of toe mission were

sponsored given a full briefing on the

British Overseas Trade Board,
but in need of some assistance,
financially and otherwise, in
order to open up markets in
Europe.

Swiss economy and on Swiss
commercial practices.

Those selling consumer pro-
ducts, for example, were
warned that Swiss retail groups

Tbe finance problem was tend to seek exclusive rights in
solved, according to John Stock- their market areas and also that
dale, an official of the Leeds the mark-up — by UK standards
Chamber, as a result of th*» at- least— -on consumer goods is
willingness of the local authori- very high. Following tb& brief-
ties to help. West Yorkshire is ing, the consular staff worked
unusual among local authorities out for each individual a full
in : earmarking funds within its programme of visits, with the
industrial development budget schedules detailing train times
to. help toe area’s chambers and tram numbers.

with export promotion.

The fruits of such

You must have experienced all the
worries and frustrations of
sending an urgent
package abroad. Will
your goods arrive on
time?Wil!they arrive
safe? Will they arrive
at all? -

ANl INNOVATION IN

.. AIRFREIGHT

But now Emery Air Freight
have put an end to your freight
problems.They’ve introduced
the flying briefcase. It's called
the Flyte-F’ak and is probably
the most efficient and inexpensive
way yet devised of sending small packages abroad.

The Flyte^Pak is a tough, cardboard containerthat looks
just like a briefcase. Pack in your goods, stick on a label
and give a call to Emery. Your Flyte-Pak will be rushed on
to the next available flight for one of 22 cities in Europe,
anywhere in the United States, or the Middle East;

Africa and the Pacific.

•'TV

IT HOLDS SO MUCH

Your crush-proof Flyte-Pak will
carry anything up to 51bs in
weight. Send samples, docu-
ments, artwork, film, records,
medicines.The Flyte-Pakwill
accommodate even the most
difficult shapes.

ITS SO SECURE

A

:

. ^

Your goods are as safe
as if you carried them
yourself, because Emery's '
tight security system makes
tampering impossible. And the
Emery computer has your Flyte-Pak under
constant surveillance.

AND IT COSTS SO LITTLE

From airport to airport, the cost of the Flyte-Pak )

service is only £12 to Europe and the United States, j
or£l5 to the rest of the world.

Yousee, Emery understand your sense of urgency.

All you have to do now, is telephone Emery Air Freight
and ask for your flying briefcase.The Emery Flyte-Pak.
Ittakes the frustration out of sending packages abroad.

Ring London (Ashford-Middx) 69-45921,
Birmingham 021-706 6491, i&EMBSEBSMJ
Leeds 0532-562526,

Manchester 061-437-6121 Air Freight

Prestwick 029270511. Everytbings urgent to us!

liKi

r a®

M-M

I. V

si ■■■■■■■ • - •:

if ■ ' 8 *Sm :

: ■ : -Mm

Financial Times Friday April 6 1979

LOMBARD

Politics of a
blast furnace

Aristocrats on two wheels

»

BY PETER CARTWRIGHT

BY GEOFFREY OWEN

IN THIS column on March 16
I criticised the suggestion made
by Sir Richard Marsh that the
British Steel Corporation could
never be returned to private
ownership and. that everyone
should stop arguing about it. My
belief in a return to the private
sector — as a medium-term objec-
tive if not something that could
be achieved overnight by a new
Tory Government — is greatly
strengthened by the events of
the past few weeks. The plain
fact is that as long as they are
controlled by the Government
the managers of the BSC are not
free to take commercial deci-
sions in the best interests of
the business. The interference is .
more surreptitious than at times
in the past and because of the
change in personalities there
are none of the shouting matches
that used to take place between
Sir Monty Finniston and Mr.
Anthony Wedgwood Benn when
he was at the Department of
Industry. But the basic problem
is unchanged.

The latest flare-up has come
over imports of coking coal. The
BSC is planning to commission
in July a very large blast fur-
nace at Redcar in the North
East When this furnace was
planned six years ago. the inten-
tion had been to feed it with 100
per cent British coking coal. But
since then technology has
advanced. The BSC management
reached the conclusion that if
the new furnace was to work
efficiently, producing iron of the
right quality and at the required
rate of output, it would need
coal of a higher quality than the
National Coal Board could pro-
vide: the preferred mix was 25
per cent hume-nroduced, 75 per
cent imported.

Miners’ lobby

During last year tlie BSC had
discussions with, the Depart-
ments of Industry and Energy
— and of course with the Coal
Board — over the supplies of coal
to Redcor. The BSC and the
NCB. not surprisingly, did nnt
.see eye to eye. The problem
was examined by the two
Ministers, who. pressed the BSC
to look again at the technical
merits of using home-produced
coal This was done and the
BSC agreed to increase the pro-
portion of British coal to 45 per
cent — higher than its technical
experts preferred. but
apparently bearable. Ministers
were still not happy, but the
BSC made it clear in March that
if the com missioning date . for

!■ Indicates . programme
in black and while

BBC I

6.40-7.55 am Open University
(Ultra high frequency only).

12.45 pm News.. LOO Pebble MilL

1.45 Heads and Tails. 3.25 Telif-
fant. 3.53 Regional News for
England (except London ). - 3.55
Play School. 4.20. Hewy. It's the
King. 4.40 On Location . . . with
"The Music Machine."' 5:10 Lassie.
5.35 The Perishers.-

5.4U New>-‘ "

5.55 Nationwide (London and
.South-East).

6.20 Nationwide.

Redcar was to-be met. contracts '
with the Australians would '
have to be signed very, shortly
— and they. Were, towards the
end of last .month.

Then the. miners' lobby got to
work./-. It was put aliopt 'that
the BSC was behaving, with
callous disregard for miners'
jobs, -that the NCB could meet
Redcar's quality needs! and had
made investments specifically
for that purpose, arid' .that
Ministers would probably ..Veto
the Australian contracts. "Mr.
Eric Varley responded- to. the
pressure with alacrity, making
full use of. that cowardly. Mini-
sterial device 1 — the non-attribu-
table Press hriefine. This week
he seemed tu be suggesting that
the BSC management had gone
behind Ministers' hacks in ston-
ing the contracts. I-n announ-
cing plans for a new licensing
system to control cuking coal
imports.-, he implied that the
contracts might b'c - cancelled,
although the official, statement
from the .Department, merely
spoke of securing the maximum
use -of British coal “ consistent
with the viability of the steel
industry-."

Long-delayed

Maybe all this 'is a jolly pre-
election fling by Ministers which
we ‘aren't meant tn take
seriously. -Bui let’s suppose
that they do force the BSC to
renege, on the Australian deal,
as is administratively possible.
Quite apart from the diplomatic
and commercial repercussions,
the effect on the Redcar furnace
would be very- serious indeed.
This furnace is twice as big as
anything the BSC has yet in-
stalled. though there are three
operating in other parts of
Europe (notably at Taranto in
Italy) and several in Japan: it
is part of the long-delayed
modernisation of the British
steel industry, but bringing the
furnace on stream will be a
delicate and difficult operation.
Using all-British coal would not
only be dangerous, but would
undermine the economics of the
investment.

Perhaps Ministers have in
mind a chain of reciprocal
deals, whereby British Steel is
forced to buy poor-quality coal
from the Coal Board. British
Ley I and is forced to buy poor-
quality steel from the BSC and
the British people are forced to
buy poor-quality cars from
British Leyland. It sounds a
splendid recipe- - fur ..tbp re-
generation of British industry.

. ‘ 7.00 Wonder Woman.

. 7.50 John Denverin concert.
8.30 The Dawson Watch.

9.00 News.

9.25 Pet rote Hi.

10.15 Tonight in Town (London
. and South-East).

10.45 Regional. National News.
10.30 The Late Film: '‘The
• - Ruling Class" starring
Peter OTooic..

All Regions as BBC 1 except
at the following -times:

. -Scotland — S.35-4L20 Reporting
Scotland. 10.15 .Spectrum: The
Scottish Painters. 10.45-10.50 .
Regional, National News.

Wa I es— • l .45-2.00 pm Sioncyn
Shoncyn. 5.55-6.20 Wales Tndav.
7.00 Heddiw. 7 .20-7.50- -Devrch I'r
Ardd. 10.15 Kane on Friday.
Ifl.45-t0.50 Regional, National
News.

NO ONE. even at Sandhurst,
would confuse Major Nichols
with a member of the officer’s
mess. He is, in fact, one of a
hand of dedicated former
cyclists whu have pleasurably
combined hobby and work to
custom build bicycles, for
equally dedicated and ..discern-
ing cyclists in various parts- of
the world. . -But it "is. a Fairly,
safe --'bet that, his slightly
bartered turner shop-in Durban '
Road," Smethwick, “on the
'borders “ of Birmingham, -ik,
among the cycling fraternity at
.least, as well known abroad 3S
the -rarire " ^redoubtable. Sand--
hurst- . .

Major 1 is’Mr. Nichols’ christhra
came and when he- came .out ‘.of
the forces — he was in the Royal
Navy— he took over' from his.'
father. - w’hose *shop in West"
Bromwich was well known when
bicycles were !the fastest 1 - road
machines in the. world. - Like
all the others. Mr. Nichols Is
deeply imbued with, the: craft
and mystique of the 1 business,
a request to look into Xhe work-,
shop being - met with a smile -
and deprecatory shake of the .
-head: "All my secrets ore in.
there." • . . . '• ;

The handful of purpose-built
frame and cycle makers are' -in.
a direct ‘.line of descent - from
an earlier- era - when British
quality was world renowned.

11 You either, want -to make

money or make bicycles," Mr.
Nichols explains.

What the customer gets is the
devotion to detail, benefit of
long -technical experience and
quality of finish to satisfy even
the most demanding racing
cyclist. Most of the craftsmen
have either themselves finished
among the high places of inter-
national events, or their cycles

■JSsSS?*

have. A few years back. Major
Nichols' machines won three of.
the first four Campagnola
Trophy championships in Italy.
At the other end of the scale,
he is building a .couple of
machines for Bert Griffiths, a
well-known cyclist who at the
age of 71 is shortly to set off
round the world— again.

Another frame much sought-
after by specialist assemblers,
club members, . athletes and
those taking up cycling for exer-
cise is <the Mercian, made at
Derby by Bill Betton. Customers

can. buy either a standard or
special bike, or just itbe frame
and wheels .to. which they can

add their own components f rom

an old machine or new ones of
their choice. The Professional
racing model, successfully raced
by a Scottish toy maker, soon
gained an International reputa-
tion.. Bill, himself is -no mean
performer either. Back in 1964
he won the South Pennine road
club's 12-hour trial With 247
miles to his credit, a record that
still stands. . Today he confines
bis enthusiasm to riding -the
dozen miles 4o work, going back
“ the long way round " on fine
evenings.

While Mercian is one of the
biggest in the hand-built
business, with 1,500 new and
3,000 renovated frames a year
out of the door, it is essentially
a modest. enterprise. ..

There are six frame makers,
plus two apprentices and four
men employed on shot blasting,
spraying and fixing transfers.
The office is tiny, no more than
10 ft s 7 ft and when I called
I made a crowd. Just to em-
phasise the family nature of the
business. Bill’s wife Sue, also a
keen cyclist, was "at. the desk
sorting out -the mail and the
rest of the office was taken up
with filing cabinets and" a cup-
board, leaving room for Bill and
just one visitor.

In the day’s mail was a letter

Last Captive could score

THERE IS no more forward -
string in Newmarket than that
of Bill Marshall, whose early-
season runners invariably pick
up several prizes, and it could
well be the former fighter
pilot's afternoon at Beverley
Marshall,- who saddled

F/T. CROSSWORD PUZZLE No. 3.941

HI I f2 f 15 I I [5 I 17 fl

F4| is

ACROSS

1 Long-winded for 50 (6j

4 Colourless friend takes cover
Ifil

8 Windy accompaniment io
haggis (7)

9 Get a man confused with one
of the great (7)

11 Snack establishing Cheshire
record (6. 4)

12 Chief bridge supporter C4)

13 Accountant’s taking on an-
other Roman conspirator (3)

14 University man of theoreti-
cal interest only (8)

16 He looks otter stock of
orderly company (Sj

15 Northern Ireland _ has no
French material (5)

20 Complacent about second
features i4>

21 Appear before spring to
make a good impression (4,
2. 4)

23 Overhead shot by Lamb was
a bloomer (7 »

24 Person running away with
personal transport IT)

25 Non-eater makes fathead
flower (6)

2fi Third at the games to get a
tan (61

DOWN

1 Steal gam? from cook (5)

2 Persecute with work papers
i7>

3 Curse the tie camper twisted
(9)

5 Virginia upset over trouble
with profit (5)

6 Family has time io race (7)

7 Finding out work of Blake
(9)

10 Two people who never meet
in comic opera (3. 3. 3)

13 Takes the- best when there’s
nothing to go with straw-
berries" (6. 3)

13 Girl lightweight nght‘‘_to
become a broadcaster i9)

17 Soldier turns up in lock with
cat (7->

19 Went around- tn own develop-
ment corporation (7)

21 Net found in river abroad
15)

22 Lord it’s in Belgium (5)
Solution to Puzzle No. 3.940

RACING

BY DOMINIC WIGAN

Spanish Armada to land the
Esk Handicap on the corres-
ponding day a year ago, has a
bright chance . of taking that
event through Pin Tuck; while
Last Captive and Ipi Tombi
could also he, on the mark for
him.

I particularly like the chance
of Marshall's Last Captive
although he was a disappoint-
ment last season wben he failed
to live up to eariy-season expec-
tations, But a minor prize,
such as this afternoon's
Houghton Maiden stakes, is well
within his ability.

Ten days ago at Leicester, in

Northern Ireland— 3.53-3.55 pm
Northern Ireland News. 5.55-6.20
Scene Around Six. 10.15 The
Testore String Quartet 10.45-
10.50 Regional, National News.

England — 5.55-CL20 pm Look
East (Norwich); Look North
(Leeds, Manchester. Newcastle!;
Midlands Today (Birmingham):
Points West (Bristol); South To-
day (Southampton); Spotlight
South West (Plymouth). 10.15-
10.45 East (Norwich) In the
Country; Midlands (Birmingham)
Garden Game: North (Leeds) Let
the People Talk: North East
(Newcastle) Friday North; North
West (Manchester) The Acting
Game; South (Southampton)
Island from the Sea: South West
(Plymouth') Peninsula; West
(Bristol) It's in the Blood.

BBC 2

6.40-7.55 am Open University.

11.00 Play School.

4.50 Open University.

6J53 Gardener's World.

7 JO Mid-Evening News. •

7.30 A Taste of Britain.

7.55 City.

KJO Pot Black 79.

9.25 Women At Arms.

10, L5 Happy Birthday Sir
Adrian!; Sir Adrian Boult
at 90.

11.25 Late News.

11.40 Rock Goes to College.

12.20 am Closedown: reading.

LONDON

9.30 am Noddy. 9.40 DynomutL
-:*10.05 “Child's Play." 11.10 Who’s
Afraid or Opera. 1L35 Inner
Space. 12.00 Song Book. 12.10 'pm
Rainbow. 12.30 "Hie Cedar Tree.
LOO News. 1.20 Thames News.
1.30 Homo and Design. 2.00 After
Nunn Plus. 3.20 -You're Only
Ynung Twice, 3.50 The Su Hi vans.
4.15 A Bunch of Fives. 4.45 Mag-
pie. 5.15 Thames SpprL

3.45 News.

6.00 Thames at 6.

6.30 Emmerdale Farm.

7.00 Mork and Mindy.

7.30 Winner Takes All.

8.00 Flambards.

9.00 House of Caradus.

10.00 News.

10.30 Soap.

11.00 Police 5.

11.10 The London Programme:
MOT Cert ideates.

12.10 am Electric Theatre Show.

12.40 Close: Peter Penry-Jones
reads from the Easter
story with A painting by
Tintoretto.

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Esaol

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the Kibworth stakes, Last Cap-
tive had his field well beaten
with less than i mile to go
before stamina limitations
pruved his undoing.

With 1 mile less to travel
this afternoon, and the benefit
of that run behind him. Last
Captive looks to be the one they
will all fiave to beat I take
him tn score st the chief expense
of Neville Callaghan's unraced
Busted Away.

Ipi Tombi, Marshall's repre-
sentative in the Everingham
Maiden stakes, met with little
luck, while trying to get" off
the mark on the Flat last
season, finishing in the minor
berth on all his' four
appearances. However, a recent
spell over hurdles which earned
him a win and a second place
should see the Nijinsky colt
landing the first -and weakest
division of his event.

Pin Tuck, who- lines up for
the Esk Handicap, in preference
to stablemate Spanish Armada,
is another to have been running
over the minor obstacles in
recent weeks, and it was less
than a month ago that the High'-
Top gelding finished a close

AI1 I BA Regions - as London
except at the following times:

ANGLIA

9.30 am Cartoon Time.. 9.36 Snooker:
The State Express Grand Masters
Challenge. 10.15 Thomas Hardy. 11.10
Country Comes West- 11.35 Weir's
Way. 1.25 pm Anglia News. 2-25
Friday Fiim Matinee: *' Killer Bees/'
starr inn .Gloria Swanson. 6.15 Bailey's,
Bud. 6.00 About' Anglia. 7.00 Father
Dear Father. 7-30 Gambit. 10-30 Some-
thing. m the A hr. 114)0 Friday Low-
Film. '"Incident >n San Francisco."
12.45 am Men Whq Manet.

ATV

9.40 am Untamed Frontiers. 10.05
Dockland Rules OK. 10.45 Showjump-
ing wun Harvey Smith. 11.10 The
Mackenzie Affair. 1.20 pm ATV ftews-
dask 3-20 Family. 5.15 Happy Days.
6.00 ATV Today. 7.00 The Jim Oavitfaon
Show. 10.30 Mary. Hartman. Mary
Hartman. 11.00 Christopher Lee — Prince
ol Menace: " Taste tho Blood ol
Dracula.'

RADIO 1

(S) Stereophonic broadcast
t Medium Wave

5.00 am As Rj-lio 3. 6.00 Dave Lee
Ti >v>s 9.00 Simon Bales. 11-31 Paul
Burner: 2 00 pm Tony Blackburn. 4.31
Kni Jensen 6.31 Roundtable S.QO
Andy Peebles 9.50 Nowsbeat. 10 00
The Friday Rock Show (S). 12.00-

54)0 am As Radio 2.

RADIO 2

5.00 am News Summary. 5.02 Tony
Brandon ISj. 7.32 Ray Moore fS)
including 8.27 Racing Bulletin and 8.45
Pause lor Thought. 10.03 Jimmy Voting
f S I . TZ15 pm Waggoners' Walk. 12-30
Pete Murray’s Open House (S). 130
□avid Hamilton (S). 4.30 Waggoners'
Walk. 4.45 Sports Desk. 4.47 John
Cnnii (St. 6.45 Sports Desk. 7.02
Victor Silvester Jr. at Ilia Radio 2 Ball-
nom fS). 8.Q2 John Fox conducts
me BBC Radio Orchestra (S>. 3.45

Friday Night is Music Night (S|. 9-55
Sports Desk. 10.02 Treble Chance. 10.30
Fiesta d« Doriia with Heg Wale. 11.02
Sports Desk 11 JK Bf<an Matthew with
Round Midnighr mcluimfl 12-00 News.
2.02-5 00 am You and the Night and
tie Music (S).

RADIO

i£ 55 am •Vi.-'thct. 7.00 News. 7.05
- • v«r ri--“ ■' 3.05 M-«n-

BORDER

9.35 am Hales and Batchelor Car-
icon. 9.50 Clue Club. 10.15 Thomas
Hardy. 11.10 Country. Comes West.
11.35 Weir's Way. tIJD pm Border
News 2.25 Maunee: " Tne Green

Man.' - 5.15 Garaock Way. 6.00 Look-
ground Friday. 6.30 The Dog Show.
7.00 Father Dear Father. 10.30 Triangle
— Music Art. Drama. 11.00 Lata Film;

' Larry 12.30 am Border. News
Summary.

CHANNEL

1.18 pm Channel Lunchtime News
and What's On Where. 2.25 The Friday
Matinee. "The Going Up ol David
Lev " 5.15 Emmerdale Farm. 6.00

Report at Six. 6.35 Lucan. 1032
Channel Late News. 10.35 Late Night
Mavra '' Tno New interest " 12.45 am
News and Weather in French.

GRAMPIAN

9.25 am First Thing. 9.30 The tast
ol die Curley/s. 10.15 Thomas Hardy —
A Man Who Noticed Things. 11.10
Country Comes West. 11.35 Weir's
Wa>. 1 -20 pm Grampian News Head-
lines. 5.15 Emmerdale Farm. 6-00
Grampian Today. 6.35 5poitsmll. 730
Andy's Party. 10-30 Reflections. 10.3S
Points North. 1135 Twin in the Tale.
12-30 Gremcijn Late Night Hoad Inin.
Idlowed by road and ski report.

GRANADA

9 30 am Sesame Street. 10.25 Focus
on Wildlife. 10.55 Funky Phantom.
11.15 Picture Box. 11.30 The Beatles.
11.45 A Handful of Songs. 1.20 pm
Cede. 2.25 Friday Matinee. ” Roll.
Freddy Roll.'' 5.10 The Undersea
Adventures of Capia'n Nemo 5.15
Crossroads 6.00 Granada Reports. 6.30
Kck Off. 7.00 The Girl with Something
Lucre. 10.30 Dert s World Knockout
Cup. 11.00 Tr.e Friday Film; '* Lock
Up Your Daughters '

HTV

9.SO am Beatiicombcrs. 10.15 Thomas
Hardy 11.10 Country Comes West.
11.35 Weir's Way. ijo pm Repo/.
West Headlines T.25 Report Wales
Hoadfmes. 5.1S Meiotaons. S-20 Cross-
roids. 6.00 Repute ’.Vest. 6.15 Report
Wales 6.30 Ernmerdale Farm. 7-00
The Jim Davdsan Show. TO.® Report
Erira- 11.05 The Late Film; "Who
Slew Auntie Rta '"

mg Cancers ij!. 9.00 News. 9.05
Th.s Week's Composer: Fella (5). 10.00
BBC Northern Ireland Orchestra (Si.
W.50 Young Artists Recital IS): *11.45
.in Short (tair.i. it . 55 BBC Northern
Symphony Or;ne SIr a. pan 1 . IS).
1-00 pm -News. 1.05 Playbill (S). 1.20
BBC Norifce'-i SO. pan 2; (S). 2.00

Royal Reperio.'e fS). 3.25 Music
Group of L;.-.dsn T 1.0 fS). 4.2S The
Beer a am Lsnery, 535 Homeward
Sound fS». 15.45 News. 45.50 Home-
ward Bound. $6.15 At Home. 7.10
Cauperm harpsichord recital (S). 7.45
BBC Sympr, onv Orchestra, part It
Walton rS) 8.30 Poetry Now. 8.50
BBC SO part 2 ; Shostakovich (S).
9.45 Beoiipven s Folk Song Arrange-
ments (55. 10 JO Pina Cormirelli Play-
•ng Schubert /SI. 11.30 Bach Cantata
(S' 11.55.1200 News.

vw only— 6 00-7.00 am and 6-45*
7. TO pm Open Univerniy.

RADIO 4

6.00 am News Briefing. 6.10 Farming
Today. 8-25 Shipping forecast...- 640
Today, ircfud cg B.ffi Prayer for the
Day. 7.00. 8.00 Today's News. 7J30.
8.30 News -.salines. 7uC Thought (or
th* 8.45 Story reading.. 9.00

News. 9.05 Bafcer '3 Do iron (S) 10.00

Never 10 OS Fr<im Our Own Cones-

ponder! W3Q D a ; ly 5e fv , cei ig .45

M-'r.-r., c„.,„ If 00 Do|f j n Yoilf WtV

with . ci&viodaly : amatPO-i:, hut
qxritespeciffc a rowings of .tiife-
distance hetwe^n hubs find bot-
tom" BratJkfet g^arwiieel, length,
of f^rKs^'ant^fBO oa. This earner
from « J. „ ; Dead, pf ifewj

Orleans, who- wanted a repiacp-,
mentr .Vindtore model for- one
that bad- ben 'stolen. • He should
get.. -the finished machine ' in-
three or four months, -an indica-
tion. 'of the- backlog of orders.
Americans . ore- among the .big-
gest, customers,: .and Mercian
recently won .nan. .order for,
£10,000- worth 'of machines; n>'
ciudfns, some/newly 'intrdduced:
tanflems jyrhMr 6an up: to.

£1,000, depending on -speCifica.-.
tiorL - ' •

Much of - Mercian's
duction goes' ito- smaU, .<fa&mkir
shoiU- and assemblers' all -'over
the ■ country. :-Go: into' Tommy
Godwin's sho^ in King’s Heath,.
Birth in ghanj^ for instance, and
you Will see ’Saolg^bg tip a i Ing-
ot "gleaming frames ' from 1
Mercian, " Davd * ; - Moulton'
(Worcester), -jfifeb" ' . JacbSpn
(Leeds), Hoi dsworth -< London-)^
and itbe .more erotic models,
costing £160 or more, fropl
Raleigh and other mass product
t ion factories. • ;

People appear 1 to buy ,theiii
for two reasons, . They waiit ; ttie
satisfaction and pride of riding
a superb piece of' maehiMry-^.'
and they want others to see it,,
too. That is why the.bold i?an»r

f fer of ‘ Major Nichols,* for
example, - or of • 4 Reynolds .-753 *'
■lightweight: alloy (which, brings
the frqme weight down to 5. Ibs)
are so important. They put the
owner ahead of 'ordinary mor-;
tals. --

And the cost? — A pair of -
'custom-built wheels will set
a customer back at least £50-£60.
With huhs costing £,40 and rims:
up to £15. Then there.: are --the
spokes, -which will differ Record-
ing. to whether . the " Machine
is to be used for .competittion
work or lugging capping eqnlpr
ment around. A standard frame
casts £70-£8O and -- a. quite
ordinary machine £16O-£I80. .A

cheque for £500 or £600, depend-
ing on the special features,
incorporated, is not unusual for
a top of the market model.

The business is booming now.
■But in the ’Sixties, when people
were more interest in acquiring
cars, it was poor and no one
.wanted to come into it Now,
two- and even three-car families
are. commonplace; cycling is
coming into its own again and
attracting ; youngsters into
apprenticeships and dedicated
clubmen -into opening one- and
' two-man businesses .to cater for
those who want more exercise
than sitting at a. desk or in a
car all day.

third behind Chevulgan and
Padski in Doncaster's Corpora- :
tion Hurdle.

. In his only race, since then.
Pin Tuck was running on best
of all at the. finish when taking
sixth place behind Matinale in
the 2 {-mile Wadworth Handicap
at Townmobr an Lincoln day.

Although held by Barry
Hills's winner * on the book " i
and also by the third jn that
event Sing Man. Pin Tuck is
capable of springing -a surprise.

I cannot' remember when a
successful British challenger in
France bidded to follow up' in a
Beverley Handicap,' but this is
the case With Royal Portrait in
the Beswick Stakes. Duncan
Keith's foiir-year-old, - the
winner of a £3300. sprint at
Cagnes-sur-Mer on March 9 is
likely to have few problems off
the 7 st 11 lb mark.

BEVERLEY

2.15 — Last Captive**

2.45 — Monkiand Glen

3.15— Storm Crest

3.45— Ipi Tombi

. 4.15— Royal Portrait**? .

4.45— Lpin Tuck

5.15— Trapalanda*

HTV Cyinm/Walw— As HTV Ganaral
Ssrvico exeam: 1.20-1.25 pm Panawdau
.’Newyddian Y Ovdd. 4.15-4.45 Nagaaydd
Y Duwiau. 6.00-6.15 Y Dyrfd. 10.35
The Brains Matchplay Darta Touma-
mem. 11.05 Outlook. 11J35-12.30 o»n
Tne New Avangars.

HTV Wast — As HTV GanaraL Service
aacapt: 1 JO-1 JO pm Report West Head-
lines. 8.15-8 JO Report West.

SCOTTISH

9.30 am Anokbi. HMf Friends of
Man. rni6 Thomas' Hardy. 11.10
Country Comas Weal. - 11.35 The 6ig
Mill. 1.25 pm News and Road -and
Weather. 5;15 Papaya. 5JD Cross loads.

- 6.00 Scotland Today* 6-30 Emmerdale
Farm. 7.00 The Jim Davidson Show.
10.30 Ways and Means. 11.00 Lata Call.
11.05 S.W.A.T. 12.00 Loire American
Style.

SOUTHERN

9 JO am Stationary Ark. 9.!5 Little
House on the Prairie. 10.45 "Tamm's
Hidden Jungle." 1 JO pm Southern
News. 2-25 Friday Matinee: " Only
with Married Men,' 5.15 Betty Boop.

5 JO Crossroads. 6.00 Day l by Day.

6.00 Scene South East (South East

area only). 8J0 Out of Town. 7.00
The Jim- Davidson Show. 10 JO Week-
end. 10J5 Southern Report. 11.05

Southern News Extra. 11.15. Soap.
11.45 The Lata. Late Premiere: "-Beach-
guard in Winter."

TYNE TEES

9.20 om The Good Word to/lbwod by
North East News Headlines. 9.35

George Hamilton LV. 9 JO inner Space.
10.15 Thomaa Hardy. 11.10 Country
Comas West 11 JS Weir's Way. 1 JO pm
North Eait News and Look a round. 2.2S
Friday Film Matin&a: “'Tha Girls of ,
Huntingdon Henna.'" 5.15 Laverne and
Shirley 6.00 Northern life. 6.25
Sporutime. 7.00 Alright Nowt 10 JO
Came In. If Yoa Can Get In. 11.00
The Friday Night Filmr " Don't Be

Alraid oi the Dark." 12.35 am Epilogue.

ULSTER

10.15 am Thomaa Hardy. 11.10.
Country Comes West. 11J5 Weir's
Way. 1 JO pm Lunchtime. 2J5 Friday
Matinee: "Huckleberry Finn/" 4.13,
Ulster News Headlines. 5.15 Cartoon
Time. 5.20 Crossroads. 6.00 Good..
Evening Ulster. 6 JO Sports cast. 10.30 1
Friday Film: *' Grand Slam." 12J5 am
Bedtime.

WESTWARD

9.30 am Friends of. Man. 9J55 The
Beatles. 10.15 Thomas HBrdy — A Man
Who Noticed TKmgs. 11.10 Country.
Carnes .Wast. 11.3S Woir'a Way.
12.27 pm Gua Honaybuii's Birthdays.

I. 20 Westward News Haadlines. ZJB
The Friday Matinee'. " The Going Up
ol David Lav ” (TV movie).. 5.15
Emmerdale Farm. 6.00 Westward Diary.
6-36 Time Out. 7X0 Southwest Show-
case. 10 J2 Westward Late Nawa. 10 JS
Late Night Movie: " The New Interns."
12-45 am Faith lor Ufa. 12J0 West
Country Weather and Shipping Fare- .
cast.

YORKSHIRE

- 9 JO am Wild. Wild World of Animals.

10.00 A Handful of Songs.. 10.10 Tree
Top Tales. 10J5 Cyrano de Bergerac.

II. 10 The Lost Islands. 11 JS Winners

and Losers. 1 JO pm Calendar News.
2J5 Friday Film Matinee: “ Kitty

McShane.” 5.15 Give Us -a Clue. 6.00
Calendar (Emley Moor and Salmon r .
editions). G.3D Calendar Sport. 10 JO ,
Cinderella at the Palace.

visits Abbots Bromley, Staffordshire.
11.40 Announcements. ..11.46 Listen
with Mother. 12.00 News. 12.02 pm
You and Youra. 12J7 My Music (S).
12-55 Weather; programme news. 1-UO
The War'd et One. 1.40 The Archers.

1 -55 Shipping forecast. 2.00 News.
2.02 Woman's Hour. 3.00 News. 3.05
The Tenant or Wifdfell Half (S). 4.00
News. 4.05 " The Small Intricate World
of Gerald C. Potter." starring ion Car-
michael. 4JS Story Time. 4 JO Through
My Window. 5.00 News. 5.50 Ship-
ping forecast. 5.55 Weather: programme
news. 6.00 News. 6.30 Going Places.
700 News. 705 The Archers. 7J0 :
Pick ol the Week (S). 8.10 Profile.

8.30 Any Questions? 9.15 Letter from '
America. 9.30 Kaleidoscope!. 9.69 .
V/eather. 10.00 The World Tonight.

10.30 Week Ending (S). 10.65 Phi) on
Friday (new series) with Ph*f Smith. ,
11-00 4 Book at Bedtime. 11.15 The
Financial World Tonight 11-30 Archive
feature. 11.45 Just Before Midnight. .

12.00 News

BBC Radio London

5.00 am As Radio 2 8 JO Rush Hour

9.00 London Live. 11.40 Lobby. 12.03 pm

Cell In. SL03 SOB Showcase. 4.03 Home
Run. 6-10 Louden Sports Desk. 8.3S .
Good Fishing.- 7.00 Look, Slop, listen.
7 JO ' Brack Londoners. 8 JO Trick

Record- 10.00 Late NigM London. 12.00.
.rout® flidia 2.

rILIJMtnn

by Eds onto de FilHoo •

• Krone/ bv FRANC02EFHREW-I

bs?"may

- IT -FJLt rp4r-4.YHIC._jOR • A -HUNORfiO

ill

*> it.

Knaacial Times Friday April 6 1979

•

17

THE ARTS

The Other , Place,
Stratford

5^.-

h : ‘ ■. ’V
- t'.V

’ v.-

"2*

■«».

isATSSj

-ir,.: - .'.

CiN=y,A;

•TiS

by. B, A- YOUNG ;

Pericles' is wore of a serial
story than a play;, Shakespeare
even has to use a narrator to
link up one far-ffetehed^ adven-
ture with another. The .narrator
is Gower, from whose Coafesaio
Amantts the story comes* and
the adventures, take’ Pericles
the Prince of Tyre, od a 16-
year. journey- round the .Near
East, during which he acquires
a wife and a baby girl, loses
them both, and, as in A Winter's
Tale* has them both : marvel-,
lousiy restored to him. -

The production at The Other .
Place, directed by Boh Daniels,
has a serial story atmosphere
about it, : too. There is- no
scenery but a circle .defining
the acting area, and a. tall post
that can be part of a ship’s'
rigging — : this is a_very nautical
play — or the: pillar of a temple.
The costumes, by Chris Dyer,
would not raise eyebrows much
in the Near East today, apart
from the skimpy dresses worn,
very attractively, by Julie Peas-
good — black when she is the
incestuous daughter of Antio-
ch us, white when she is the
virtuous . . . Marina, Perides’.
daughter left at Tarsus to be*
brought up but. : kidnapped by
pirates iand sold, very unprofit-
ably, into a brotheL

There is not 1 much oppor-
tunity for dramatic action . in
what is virtually a series of
charades; the players, must-rely
on their talents for speaking the
lines to impose their personali-
ties on us. In this, considering
that so few of the characters
are more than sketched -in by
the author (Shakespeare only
from Act 3 onwards, according'
to current belief),, they have
reasonable success.

Peter McEnery’s noble voice'
rings like a trumpet for the •
young Pericles, ' tolls like a _
funeral bell for-, the bowed,
heartbroken Perides of Acts 4
and 5, whose- finger-nails have
grown like vulture’s talons in
his self -neglect though his
beard has not grown at alL He .
sings a rather . difficult song
(music by Stephen Oliver that.,
means little to me), wins , a
friendly contest with- five hardy ;
knights, makes love wumiugly

Festival Hall

V . W* ■ ■* ■

Emfly Richard and Peter McEnery

Leonjrd Burt

to Thaisa, daughter of the King
of Pentapolis. .

No one else is given such
diverse opportunities. The play
is-fuil of parts for women, but
they are single-quality, ladles —
the beautiful young Thaisa is
almost interchangeable with her
daughter; so might the wicked
■Princess of Antioch be^ior.- her
wickedness is kept offstage.
Emily .Bichard plays Thaisa.
pretty and virtuous but Interest-
ing only to her husband. The
bad- women are moire, fun —
Suzanne . Beitish, (ibid' .and
menacing as Dionyza, eves, when
her words are friendly. Best of
all Heather -Canning as -the
hrothel-keeper in Act 4.. The
brothel scenes are much the best

in the play, and they are
splendidly done by Miss
Canning, Jeffery Dench as the
pander, and John Matshikiza as
Boult, against whose lusts Miss
Peasgood’s . . . Marina Tesists
movingly, though only verbally.

Gower is pleasantly spoken
by Griffith Jones, still wearing
King Duncan's white beard; but
not even Mr. Jones can keep
Gower from being something of
bore. Of the small parts, I
particularly admired Hubert
Bees as Simonides. Thaisa's
father, and Peter Clough as
Lysimachus, who ultimately
marries Marina, having helped
her out of the brothel, which
he originally entered as a
punter.

. y

% «•.
,-•< r-

V.I.: S.
: j-sro

.by DOMIN'! C GILL

- • •>'

\

w

“No one concert?;, onr pro-:
gramm e-note , confessed, as if
the range and brpadth of Shosta-
kovich’s music were by defini-
tion somehow, wider than most
*' could possibly reflect however
crudely,, the whole. of Shostako-
vich’s development'* The first
half indeed; of; the BBC Symr.
phony Orchestra’s Shostakovich
concert conducted .on Wednes-
day night by^ennadi Rozhdest-
vensky confined itsglf to three
early - works dating from
between 1929 and 1933. :

As Hugh Ottaway nicely putt
it the humour of Shostakovich,
especially in the early “ modern-
ist” works, owes much to -the
well-placed, banana-skin. The
overture , to. Van abandoned
operatic project called i Colum-
bus, conceived just after The
Nose in 1929. belongs . to the
more indigestible genre -of
Sh ostakovich burlesque — all
twinkle, tinkle and burp. But the
two later pieces, .the Concerto
for piancy trumpet and strings
op. 35 and the concert suite fnnn
Shostakovich’s first ballet The
Age of Gold, brought together
all the other characteristic in-

gredients of . the period; that
very individual amalgam of
restless lyricism, ,-mordant off-
key tonality, -and sometimes
maudlin, sometimes . sprightly
sentiment

Except for a tiresome, joky
Polka, there is some pleasing
scenic stuff in the Age of Gold
' suite; and the piano part of the
Concerto, which holds the main
interest - of. the piece, was
splendidly thrown off, and with
conviction too, by Victoria
Postnikova. John WU bra ham,
whose musical capabilities
extend as far as 1930’s
Shostakovich — if not, as we
learned the other evening, as
far as Elliott Carter — was the
decent, unimaginative trumpet
soloist

‘ The second half of the evening
brought us forward nearly to the
present day, .and to the greater
economy, refinement and close
working of. late Shostakovich.
The . Suite on Verses of Michel-
angelo Buonarrotti for baritone
and orchestra is the last but two
of the composer’s . completed
works,. written in 1974-75. It is.

like the J4th symphony which
precedes ’’it by five years, an
essay in darkness. Even in the
.hour of highest happiness, the
vocal line of each of the 11
settings is slow-moving, lugu-
brious; in the instrumental
music, tight breaks through
rarely.

Even the sparkle in the -final,
setting, “Immortality,” faintly
glittering not in the voice but
in the instruments, is quickly
mixed with, and gradually over-
taken by, twilight. The rest is
evening, and night : “ Truth,” a
powerfully nocturnal Incanta-
tion; the dark tones of lower
strings and harp at “ Morning **;
a brief shaft of mountain sun-
light in “ Love,” quickly stifled;
the dark purpose of the hammer-
blows that crash in “ Crea-
tivity"; the blind ringing of
brass and bells in “ To the
Exile." It’s a fine, disturbing
work, keenly and sombrely
made — in this performance
bravely sung with increasing
confidence. and increasing
exactness of pitch, in Russian
by John Shirley-Quirk.

Mobil aids the V & A

Mobil, for long a committed
sponsor xrf the arts dn the U.S, :
is now extending tis beJp to its:
overseas markets, including the
UK. It- has-" just completed a
successful winter season of con-
certs in the chapel of the Royal-
Naval College at Greenwich,
which is to be repeated next
autumn, - and - yesterday it
launched a new association, ttris
time with the- Victoria, and
Albert Museum. -
The V and A has been rich
in treasures but poor in guides.
Mobil is- fitting the gap by pro-
ducing 12 gitides to ' tfie main
galleries in the museum.- The

first three — covering the Art
of' Islam, Early Medieval Art,
and Ear Eastern Art — have
just been published, and an-
other three are planned before
the end, of the year. They are
attractive and unusual introduc-
tions to the V -and A, concentrat-
ing ^on half a dozen or so star
items in each department rather
than attempting to -be fully
comprehensive.

The guides come in the form
of broadsheets, with drawings,
not photographs, as illustra-
tions, which in itself preserves
the arts and crafts background
to the museum. They are priced

at 20p-eacb and the eim is that
any -profit made goes towards
a reprinting; the original run Is
20,000 copies.

In the past museums and art
galleries have missed out on in-
dustrial sponsorship which has
favoured the star personalities,
the captive audiences, the
established successes of opera
and concerts. This is a bold
venture by Mobil which expects
a long association with a long
established institution. It is the
best form of sponsorship because
It meets. a need, and because - it
produces a tangible and com-
munally useful result, , AIT.

Cinema

The Wiz in Blunderland

by NIGEL ANDREWS

The Wiz (U) Dominion

The Thief of Baghdad (U)

Odeon Marble Arch and
General Release

Fantasy Authors on Film

National Film Theatre

Electric Eskimo (U)

Classic Oxford Street

One year, six months and two
days ago, I saw The Wiz in a
stage production in San Fran-
cisco. • That experience vouch-
safed the fact that Charlie
Smalls's alt-black musical based
on The Wizard of Oz was never
a very tuneful show to begin
with. But at least it had a sense
of humour and a lithe, scatty,
infectious jollity.

In Sidney _ Lumet's film
musical it has caught a dose of
movie elephantiasis. Every-
thing is bigger and louder and
ungainlier. The film started out
with a budget of $llm and
wound up costing $35m — the
most expensive film musical
ever made. The settings grew
from the stage show's modest
variations on fantasy-land to
the all-devouring, vamped-up
stytisation of New York which
Lumet has chosen as his
equivalent of Oz. And the part
of Dorothy, which was border-
ing on the overgrown even
when Judy Garland played it,
has been stretched on the rack
of box-office opportunism so that
34-year-old Diana Ross can play
it as a 24-year-old spinster
schoolmistress from Harlem.

The mind boggled before one
saw the film. It boggles still
more after it, for the truth is
more daunting than the
rumours. Miss Ross, who un-
accountably hasn’t had a good
movie role since her frail and
heart-wringing Billie Holliday
in Lady Sings The Blues, plays
Dorothy as a pious, doe-eyed
virgin given to singing soulful
songs at a troppo adagio. Her
three companions — Michael
Jackson as the Scarecrow,
Nipsey Russell as the Tin Man,
Ted Ross as the Lion— are a
well-sorted trio ingeniously
costumed and made up. But
they founder alike on Miss
Ross’s intransigent and dowdy
soulfulness and on Lumet’s
direction, which has the

blunderbuss desperation of a
film-maker doing his first
musical and having no ex-
perience to trust to, no certain
targets for his mind’s eye and
ear to aim at.

A director who rose to box-
office success with racy urban
melodramas like Serpico and
Dog Day Afternoon is an odd
choice for a musical to begin
with. The Wiz needs a light
touch andlfly-by pacing. It gets
sledgehammer ■ overemphasis
and trudges on for 136 minutes.
Tony Walton’s sets are poten-
tially bewitching impromptus
on a Manhattan theme ; graffiti-
covered walls, a yellow-paved
Brooklyn Bridge, a forest of
Chrysler buildings, white-tiled
subway columns that detach
themselves in one chic night-
mare sequence and pursue the
heroine. But Lumet shoots the
sets unerringly from the wrong
angles, and the film is photo-
graphed in such grained and
murky colour that it is like
visiting Wonderland in the off-
season.

In a good film, the crown-
ing appearance of Lena Horne
as the Good Witch would have
been the High Camp cherry-on-
the-cake. There she sings, blue-
dressed and floating in a night
sky and surrounded by cheru-
bic infants stuck as if by draw-
ing pins against the galactic
backcloth. But by this time
one’s face is so long, and one's
ears so glutted with the wrap-
around miracles of Dolby, that
it is just one overweight
hyperbole too many. Two hours
and a quarter is a long time
to go without a single good
song (perhaps excepting the
Tin Man’s jaunty “Slide some
oil to me’*) or a single good
dance number (no exceptions),
and those with fond memories
of the Judy Garland immortal
are advised to hang on to them
nnsullied — or at least approach
this remake with proper
caution.

ie

The Thief of Baghdad self-
evidently cost a small fraction
of The Wit's budget ‘The
Oriental palace-walls all but
wobble and are in poster-paint
yellow, the minarets in the

Diana Ross in * The Wfe ’

background lock as if they
could be picked up between
finger and thumb, and there is
a suspicious generosity with
that conceal-all stand-by. dry-
ice studio mist But this film is
at least ten times more enjoy-
able than the other. Kabir Bed!
plays the Prince who seeks the
hand of the Caliph's daughter.
Roddy McDowell is the thief who
helps him win her with a suit-
able wedding gift (the all-seeing
eye from the Temple of Truth)
and Terence Stamp is the wicked
Wazir. tbe Prince’s rival.

And then there Is Peter
Ustinov as the Caliph. Allah

be praised that Ustinov here
ends his run of foreign accents
and returns to that deadpan,
bumbling English fecklessness
with which he graced and often
redeemed Hollywood epics like
Quo ' Vadis and Spar iacv.s.
Whether amiably correcting a
courtier who has used the
wrong form of address — “Oh,
incidentally, it's not Your
Eminence, it's Your Holiness "
—or ruefully blowing the dust
off a cube of Turkish Delight
and getting it * in the eye,
Ustinov's is a performance cf
constant delight and improvisa-
tion.

Elsewhere, though the special
effects are a little cut-price and .
the supporting cast sometimes ■
eccentric (the Genie of the 1
Lamp, long-nailed and false-eye-
lashed. seems to have been hired
out by the Lindsay Kemp genie
agency), the spirit of fun is
unflagging and unforced. Chve
Donner directed. A. J. Car others
wrote the screenplay.

★

Beginning this week at the
National Film Theatre is “ Fan-
tasy Authors on Film," a season
devoted to movie versions of
Sci-Fi and horror stories that
first appeared on the printed
page. The authors range from
Gothic romantics like H. P.
Lovecraft and Edgar Allan Poe
to modern exponents of the fan-
tastic tike Ray Bradbury and

Richard Matheson. No genres
better exploit the cinema's talent
for deception and enchantment
than Horror and Science Fiction,
and though the choice of films
in the season is almost
chaotically catholic — from
a 1925 silent version of The Lost
World to Steven Spielberg's Jar*
Jairs — the questions they all in
common raise about illusionisrn
in the cinema are urgent and
fascinating.

*

Electric Eskimo flickers inter-
mittently with humour and in-
vention. but this fantasy film--
made for the Children's Film
Foundation is a bit short on
bright ideas even for its modest
. 57 minutes. An Eskimo boy acci-
dentally stumbles into the elec-
tric field of a scientific experi-
ment taking place at the North
Pole. He is instantly endowed
with electric powers, which he
can exercise at will. Shipped to
England; he is caught In a tuc- '
of-war between the Scientific
Establishment, who wants to
investigate him for -the further-
ance of science, and an obscurely
motivated German villain (.Derek
Francis) who wants to use him

— I'm not sure for what. The
film jumps to life briefly when-
ever the hero flexes his powers

— galvanising into motion, for
examnle. all the electric gadgets
in a kitchen — but tends to doxe
off in between. The result,
directed and co-written by Frank
Godwin, is charming but not
eiectrifying.

/ -

Theatre Royal, Glasgow:.

Katya Kabanova

by MAX LOPPERT

The cycle of Janacek operas
on which Scottish Opera and the
Welsh National Opera are co-
operatively engaged is taken a
step nearer completion with the
new Katya Kabanova, which
opened at Glasgow on Wednes-
day. The cycle has thus far pro-
duced results In the main so
admirable that expectations
were high, and were perhaps
bound to he slightly disap-
pointed. But criticism of David
Pountney’s production, Maria
Bjornson’s designs, and Richard
Armstrong’s conducting must be
prefixed by an affirmation that
anyone coming to the opera for
the first time will gain from this
staging a vivid and dramatic
account of a masterpiece.

In the first paragraph of a
chapter - on the opera in Jana-
ceh’s Tragic Operas — it is the
best part of a flawed study —
Michael Evans remarks that
Katya is “(unfolded) with clas-
sic economy.” This is not quite
the impression of the work that
Mr. Pountney’s production
leaves. The tone of the drama
has been pitched at a high level
of intensity, and the happy
result of this is that each charac-
ter is very sharply projected,
with quick, keen responses to
behaviour on every side. The
less happy result is an embel-
lishment of detail and action
that tends to detract from the
“classic economy.”

When Tichon knocks Katya to
the ground in Act 1. and wbips
out a hip flask at the least provo-
cation; when Kataya’s emotional
climaxes are underscored in sud-
den changes of spotlight; when
at the end of the first act she
rushes to cling to the doorframe

like a caged animal; or when
the “one tipsy passerby” in the
second scene of Act 3 becomes
a threatening horde — at these
and many other points one feels
it is the detail, rather than the
basic structure of the produc-
tion, that has been misjudged. In
consequence, an atmosphere of
frantic melodrama is evoked
early on, which does not har-
monise with the music. Even in
the most piercing episodes of
pathos and tragedy, it remains a
music of concentration, compres-
sion lyrical simplicity.

Miss Bjornson’s sets are, as
ever, boldly shaped, and full of
original ideas, on this occasion
not fully thought through. A
potent sense of two opposed
locations should Inform any
Katya : the claustrophobic

domesticity of the Kabonov
house, and tbe finally cruel
freedom offered by nature, and
the river. Neither is here
• suggested with sufficient pre-
cision. Silvered spangles across
the cyclorama and rock and
mud banks bordering the stage,
though cleanly outlined, create
an unpoetic landscape and a
confusing topography (the river
bank appears to stretch into the
Kabonov living room; at one
point Kudryash and Varvara
play about in a muddy puddle).
A bleak wooden fence divides
garden and river. In Act 3 the
stage floor is scored with small
ravines, and Katya emerges out
of her hiding place in one of
them. As in the production, the
detail is vividly imagined;
changes are swiftly made; it is,
on its own terms, and impres-
sive inscenatioiL ■

The memory of Josephine

Barstow’s first Katya that has

stayed longest is of the beauty
of her singing. This may sur-
prise those for whom the voice
is a taste difficult to acquire
even while the dramatic abili-
ties of the actress may not be in
question. Tbe middle register
had tbe muted colour of a viola
(low notes, though compact,
lacked weight) ; above, there
was security in both tbe soft
singing and the loud; the
phrasing was hauntingly indi-
vidual, mnsicianly. poetic. A
generalised <mpsf-riddeu inten-
sity characterises her playing
so far. which makes a striking
contrast with the masterly un-
derstatement. the bleak suc-
cinctness of the Kabanicha. in a
portrayal of terrible power by
Kerstin Meyer.

Allen CathcarPs tenor
sounded more wieldly than
usual as Boris. Peter Jeffes and
Cynthia Buchan sang and
acted with delightful freshness
as the young couple, and in a
cast without weakness the
forceful delivery of William
McCue, a Dikoj in leather and
a whiplash haircut still made a
notable impact Tbe configura-
tion of pit and stage and the
warm acoustics of the theatre
seemed to rob the score of its
tang, but at the same time en-
sured that more’ of Norman
Tucker's translation was audible
than ever before (diction was
uniformly good). Indeed, Mr.
Armstrong can without risk
afford to assert the orchestra's
part a ‘good deal more; on
Wednesday the playing was com-
petent- but cautious and even
colourless. When it comes into
clearer focus, the performance
as a whole may well achieve a
better balance of dramatic tone.

Kerstin Meyer and Josephine Barstow

Hayward Gallery film exhibition

Film as Film— Formal Experi-
ment in Film 1910-7975 at 'the
Hayward Gallery from May 3-
June 17 Is an Arts Council
exhibition, based on one
organised in Germany by the
film-maker/critic Birgit Hein
and Wulf Herzo gen rath of the
Kolnische Kunstverein.

It breaks ground by examin-
ing the relationship between the

major art movements of this
century and the development of-
the formal film.

Over 100 artist/film-makers'
are represented by films, draw-
ings, paintings and diagrams,;
their work spanning the years
between the first hand-painted
film experiments of tbe
Futurists and films produced
using advanced technology
today.

...it just has to be

SWITZERLAND

* inpr mialitv holidays— for exhilarating fun and peaceful relaxation - for good food - for a wealth of art and culture - for refreshing

walk* £X sprite and relating spas - for successful business-meetings - and for the low-cost Sms s Holiday Card offering unlimited
travel* on5,600 miles of Switzerland's railways, boats and alpine postal coaches. .

Contact your Travel Agent or Swiss National Tourist Office, Swiss Centre,
1 New Coventry Street, London W1.V 3HG Tel: 01-734 1921

V -

18

financial limes Friday April 6 1979

FINANCI AL TIM ES

f BRACKEN HOUSE, CANNON STREET, LONDON EOT fflY

'v TOceranwe Flaaafimo, London PS4. Tete 888311% 883897

1 Vi ■

Telephane: 01-248 8000

Friday April 6 1979

Sterling

adrift

WITH ONE bound Jack was
free; or so at least it is hoped.
The monetary authorities have
been wrestling with a dilemma
for some weeks; the level of
interest rates necessary to check
the growth of domestic credit
was drawing in large funds
from overseas, so that the only
choice appeared to be whether
excessive monetary growth
would be financed domestically
or from overseas. Yesterday the
Bank of England announced
one policy change — a cut in
minimum lending Tate. At the
same moment it made another,
unannounced change; it stopped-
intervening in the exchange
markets to fewce inflows. We
have moved at least from
dilemma to wait-and-see.

arise, as we have pointed out
before, from mistaken fiscal
policies, which have driven in-
terest rates up. and mistaken
persistence with exchange con-
trols. which block the capital
flows which could otherwise fin-
ance improved exports. We have
chosen to be uncompetitive.

Pressures

The only certain thing that
can be said about these moves
at present is that they mark the
end. for the time being, of the
official policy of striving, at
least, to behave as if we were
members of the European Mone-
tary System. The boundaries
were broken, of course, some
days ago, when the link between
the pound and the Irish punt
had to be cut to keep the Irish
currency within its EMS bands;
but at least it could be said that
we were trying. The reserve
figures showed intervention to
the tune of $lbn, almost entirely
in the last week of the month.

Not for the first time, the
evidence of intervention seems
simply to have encouraged the
flow of short-term capital, and
the first days of April have
apnar# utiy been as hectic as the
last days of March. The Bank
b^s riehtly refused to repeat
the dramas of 1977, when
external pressures were allowed
to drive interest rates down to 5
per cent before sterling was
iiccopped. and acted early.

The first question that arises
is the likely course of the ex-
change rate. It is not only as
putative members of the EMS
that the authorities have been
worried by the rise; the level of
sterling is now beginning to
hamper especially sensitive ex-

HaiuUcap

The reactions in the market
yesterday suggested that while
these pressures have not yet
exhausted themselves, they are
no longer enormous; the up-
ward move in sterling was quite
modest in relation to the change
in policy which preceded it
Since inflation rates and interest
rates in the outside world axe
now unhappily rising, the finan-
cial pressures should abate in
future, while the handicap to
exports may at least not in-
crease unduly fast At first
sight tiie freeing of the rate
was well-timed.

The domestic prospect is far
harder to guess. In February,
bank lending reached a record
£lbn, partly for reasons con-
nected with the disruption of
foreign trade, but the feeling
in the City is that credit
demand remained quite buoyant
in March. New lending com-
bined with recent inflows cer-
tainly make the outlook for
monetary policy problematic, if
no worse: it seems an odd time
to lower interest rates.

Symbolic

ports, such as bulk chemicals
and fibres, where price is the

only information on the label
which counts. In the light of
rising inflation rates, unsolved
labour problems and an un-
known bill to be paid by the
Exchequer, sterling seems to
have cut adrift from the reali-
ties.

However, the forces which
have driven sterling inexorably
towards over-valuation cannot
be stopped by technical man-
oeuvres in the market They

However, the lowering of
MLR will probably prove more
symbolic than stimulative. It
has allowed bank base rates to
fall into line with the money
markets, and will thus prevent
distortions which would other-
wise have tended to conceal
monetary growth, so the
statistics may make the move
appear risky. In fact it- marks
the end of a series of
manoeuvres ■ by which the
authorities have been trying to
re-establish a more normal yield
curve, simultaneously relieving'
shortages of overnight money,
while resisting any .undue fall
in longer rates. It is hoped that
this will help to create more
stable conditions after the
winter crisis and the strange
dramas of the recovery from it
Probably the combined moves
are the best that can be done
at the moment to contain the
results of mistaken fiscal and
exchange policies. And at least
we can be grateful that the
Chancellor did not fin Tuesday
try to make political capital out
of a situation which really does
him little credit.

The

■n-ci.

BY DAVID MARSH

A new trade
pact in sight

IN THE LAST few years, and
notably since the recession
induced by the 1973 oil price
increase, the world has become
increasingly sensitive to the
rise in protectionist pressures in
the old industrialised countries
of Europe and North America.
In the case- of a few particu-
larly vulnerable industries,
governments have on occasion
given way to these' pressures,
either by import restrictions or
(more commonly) by inter-
governmental agreements limit-
ing deliveries from the export-
ing countries. In general, how-
ever, the major „ importing
countries have not merely
resisted the temptation to in-
crease protective barriers re-
markably well, but have dog-
gedly pursued the broad prin-
ciple of freer international trade
in successive rounds of tariff
and non-tariff negotiations in
Geneva.

Italian snag

The current round of talks
in the framework of the General
Agreement on Tariffs and Trade
(GATT), the so-called Tokyo
Round, is now .within sight of a
conclusion after many years of
argument Until the agreements
have actually been initialled,
there remains the possibility of
a serious hitch; the Italians, for
example, have withheld agree-
ment over a clutch, of detailed
issues, and this may prevent
the initialling which is sche-
duled for next Wednesday. But
even if there is a risk of further
delay, it is already possible to
take a view of most of the ele-
ments of the new trade package
deal.

Import tariffs will come down

must have been much more
concerned by the gyrations of
the sterling-dollar exchange
rate than by U.S. import tariffs.
Secondly, the protective effect
oF non-tariff barriers (industrial
standards, anti-dumping rules
and so on) has become progres-
sively more evident with every
step in the negotiated reduc-
tion of the tariffs themselves,
like rocks emerging through a
receding tide.

Some progress has been .made
on NTBs. . There will be new
codes on customs valuations, on
subsidies, on government pro-
curement, on import licensing
and on technical barriers, even
if some countries decline to
adhere to all these codes. The
big setback has been the collapse
of negotiations over a new safe-
guards clause, because of un-
resolved differences between the
European Community and the
developing countries.

Ever since the end of the Ken-
nedy Round, it has been clear
that a new safeguards clause
was necessary to replace Article
XTZ of GATT. In particular, the
Community has wanted a flex-
ible safeguards clause which
eoold be invoked selectively
against individual exporting
countries, and not right a cross
the board as under Article XTX.
The principle of selectivity has
been reluctantly conceded by
the developing countries; the
negotiations have broken down
over the precise rules and res-
trictions governing the imple-
mentation of safeguards action.

Imbalances

substantially, by an average of
vni

30 per cent; and while the
European Community has made
only moderate progress in its
aim of tariff harmonisation, it
has secured a significant reduc-
tion in the number of product
lines which are subject to very
high tariffs in Japan and the
U.S..

Over the pears, however, con-
ventional tariffs have become a
relatively less important factor
in the protection of national
industries. During the 1970s,
currency fluctuations have been
far greater than the avertyre

s of r‘*a*ir rnnntric!?;

during the oast two voors. most

Pri t, ch PTm-tnw J-l +*-/»- TT c

If Governments In the old
industrialised countries can con-
tinue to contain within limits
. the . protectionist forces facing
them, the breakdown of this
chapter of 'the GATT negotia-
tions may not be a disaster.
Indeed, there is a school of
. thought which holds that Article
XIX can be interpreted to sanc-
tion selective safeguards. The
real problem arises with trade
imbalances which are intrinsic-
ally global rafter than selective.
The European Commission has
started to make very threaten-
ing noises about the Japanese
overall trade surplus with the
EEC. and this is by definition
something which a selective"
(safp-m-rds clause is ill-desie^ed

• n o

A PROSPECTIVE agree-
ment for the sale of West
German nuclear techno-
logy to Argentina threatens to
open up a new rift between the
UB. and Germajjy on the sensi-
tive question of <iuclear prolifer-
ation in Latin America.

The direction and credibility
of fte U.S. administration's non-
proliferation policy is at stake,
as is a sizeable chunk of orders
for the German nudear power
industry, and the military and
commercial balance of power in
Latin America.

West Germany is emerging as
an increaingly important
economic and political influence
in the region, challenging the
traditional dominance of the
U.S. The German interest is
demonstrated by the tour of
Brazil, Peru and the Dominican
Republic, begun on Tuesday by
Herr Helmut Schmidt, the
Chancellor. It is the first official
visit to Latin America ever paid
by a West German chancellor.

Under the deal with Argen-
tina, which has not yet been
finalised. • German companies
look likely to supply Argentina
with its third nuclear power
station together with a plant to
manufacture heavy water, a key
element in the natural uranium-
based nuclear technology em-
barked upon by the Argen-
tinians.

Controversy arises from
Argentina’s refusal— along with
its neighbours, Brazil and Chile
— to sign the nudear Non-
Proliferation (NPT). Although
it has dedared that the tech-
nology it wants to buy would he
used only for peaceful purposes.
Argentina, whose high level of
nudear expertise is matched in
Latin America only by that of
Brazil, has followed a deliberate
policy of keeping its options
open on the eventual production
of nudear arms.

The U.S. has raised no objec-
tions to the uower station. But
it has asked the Germans not
to supply the heavy water plant,
which is on the list of “sen-
sitive ” nuclear . Technologies
drawn up by 15 nudear sup-
plier countries, among them
Germany. The UB. maintains
that the plant would give
Argentina virtual independence
in the nuclear fuel cycle, and
would s ignifican tly increase its
capability to - make nuclear
weapons.

The German Government has
thus to steer a middle course
between avoiding discord with
the UB. and safeguarding the
Federal Republic’s commerdal
interests. Germany is trying to
find out whether the Argen-
tinians would accept the power
station alone, or would accept
some U.S. involvement in the
plan for heavy water produc-
tion. But . it . is uncertain
whether the - Governments can
agree on separating the two
parts without scuttling the
whole deal.

At the back of everybody’s
minds there is the controversial
German-Brazilian nuclear agree-
ment of 1975, a central theme
of Heir Schmidt’s talks with
the Government in Brasilia. A
communique after the talks
said that both parties intended

to leave the agreement
unchanged. The agreement,
under which Germany con-
tracted to supply ' Brazil with
the first complete nuclear fuel
cycle ever " to be sold to a
developing country, exposed
strong differences between Bonn
and Washington about nuclear
proliferation. At the same time
it worked wonders for Ger-
many’s commercial .image in
parts of the developing urarld
by establishing the Federal
Republic's willingness to take a
line firmly independent of the
U.S. over the- question of trans-
ferring advanced technology.

The U.S. exerted strong pres-
sure to amend the deal on the
grounds that — despite extensive
safeguards built into it in part-
nership with the International
Atomic Energy Agency (IAEA)
— it would give Brazil the even-
tual capacity to build a nuclear
bomb.

The U.S. gave up its open
opposition to the agreement
when both the Germans and the
Brazilians refused to budge. A
legacy of disapproval, however,
persists. It was one of the main
factors behind the tensions
that emerged between Bonn
and Washington last year over
the new U.S, nudear non-
proliferation act, which
toughened safeguards for the
export of enriched U.S.
uranium.

Kraftwerk Union, the German
power station manufacturer
(now owned by Siemens) which
sold Argentina its first nuclear
power plant in 1968, is particu-
larly anxious to clinch the order
for the 600 MW power station,
worth some 8500m, to be built
near the first one at Atuche.
The German contender to feiild
the heavy water plant, valued
at over SSOOm, is a Hoechst
subsidiary, Uhde, possibly in
conjunction with Sulzer, a Swiss
company.

Temporary

closure

■ Argentina plans to have a
total of six nuclear plants
operating by 1997, and the
Germans hope- that the deal
will open the way for further
contracts — Which KWU badly
needs as it is hard pressed by
the temporary closure of the
domestic market for N- plants.
Another sizeable Incentive for
•the Federal Republic is Argen-
tina’s offer of access to its sub-
stantial uranium reserves.

The Argentine# tomic energy
commission (CN^A), ever since

it was set ujf in 1950, has
stressed that the goal is nuclear
self-sufficiency/ The proposed

250-tonnes-per-year heavy water
methi

plant; something far bigger
than the Argentinians could
build with.-' their own present
resources, is z logical step in
that direction.

The CNEA decision in 1968
to opt for natural rather than
enriched uranium reactor tech-
nology has enabled Argentina
to make direct use of its
uranium reserves without rely-
ing on outside supplies of

enriched uranium. Considering
the switch in U.S. non-prolifera-
tion policy in the mid-1970s
towards greater controls on
export of U.S. enriched uranium,
the CNEA has had good reason
for self-congratulation on its
foresight

The choice of natural uranium
has also been sounder in
economic terms than building
up Argentine uranium enrich-
ment capacity. The Brazilians
are understood to be perturbed
by the $7bn cost of the enrich-
ment plant which will be
assembled under their deal with
Germany.

Possession of its own heavy
water plant would free Argen-
tina from dependence on its
present suppliers in Germany
and Canada. The U.S. fears that
this, combined with Argentina’s
own uranium reserves and well-
developed plutonium separation
techniques, would give the
country all the facilities within
its own boundaries required to
make plutonium.

That apprehension is shared
by Canada, which has tightened
safeguards on exports of nuclear
equipment since India five years
ago succeeded in setting off a
nuclear explosion after import-
ing technology from Canada.

Atomic Energy of Canada
Limited (AECL)- in a consor-
tium with the Italian NIRA and
General Electric of Britain, js
the only other contender to
build the power plant in the
closed tender put out by the
Argentinians. But AECL has
said it will not sell Argentina
the requested facilities unless
Argentina either signs the non-
pToliFeration treaty or puts into,
effect full scope safeguards oh
its nuclear activities.

Full scope safegua/ds, the
undertaking accepted by all

signatories of thd NPT, commit
states to agree with the IAEA on
a comprehensive set of safe-
guards on all ;their nuclear
activities, both 'present and
future. All Argentine

nuclear instahatidfis are covered
by individual safe
ments with the
would probably-.;
bilateral agreein
eluded to su;
ment now under

ard arrange-
A. Germany
ept similar
being con-
tile equips
scussion.

case-by-case
oes not go
ricans and
Their
full scope
i — with the
at future
activities
et to strict
pervision —
iron assur-

But this sort
safeguard syste
as far as the
Canadians would
view is that Q
safeguards appro;
key provision
independent uui
would also be su
international '
would provide a
ance that the country did not
plan at some future date to
adapt its command; of nuclear
technology to ’ producing
weapons. .

The technology involved, in
the Argentine deal is not sf> high
on the sensitivity scale as that
which will be supplied to Brazil.
Germany agreed to sell to the
Brazilians not only up » eight
light water (enriched uranium)
nuclear power plants, but also
uranium enrichment and re-
processing facilities, which pro-
vide a direct route to potential
bomb-making materials.

Heavy water in itself does not
provide that direct route. Its
function is to moderate the
neutron flux in a natural
uranium reactor in order to let
the fission of the uranium-238
isotope go ahead. ' In enriched
uranium reactors it is the break-
up of the uranium-235 isotope
which precipitates the chain
reaction. Plutonium is formed
as a by product of the fission

process !n both types efreactor.
But despite this difference
in the technologies, the military
implications of the Brazilian and
Argentinian deals are similar.

Independent development has
given Argentina considerable
technical expertise in areas like
uranium ore processing, fuel
element' fabrication and radia-
tion techniques, and also In the
militarily significant technology
of reprocessing, by which plu-
tonium is separated by chemical
means from spent uranium left
over after the fission process.

Argentina had a laboratory-
scale reprocessing plant, operat-
ing outside IAEA safeguards, in
use until the mid-1970s. It is
now building a new larger pilot
plant at Ezaiza The comoletion
date has been the subject of
conflicting statements from'
Argentine politicians and
official, with some reports say-
ing that.it will be readv as
early as next year, others
towards 1990... .. .

The commercial justification
of the costly and technically
difficult process is that pluto-
nium can be. recycled, mixed
with uranium, as . a more
efficient fuel for .existing plants,
and will become even more use-
ful as a fuel-whfegi and if fast
breeder reactors • corah on-
stream. But plutonium can
also be used to ma|e bombs,
which is why the ^TJ.S. is.
particularly worried that Ai^en-.
tina has succeeded in develop-
ing tiie technique indepen-
dently.

The U.S. can hardly faflj to
be struck also by the commer-
cial implications if Argentina
succeeds in buying a commercial
heavy water plant Argentina
emerged fairly early on as a 1
potential nuclear supplier in

the . region. It. has concluded
bilateral nuclear " agreements
with Boll via,; Chile,' Colombia,.;
Paraguay, J?eru,r. Uruguay and _
Venezuela. In 1977' it became
the first Latin. Aj&ericancoitetrr £
to export nuclear technology ''
when it agreed ib supply Peru .
' with an experimental 1CT MW .
reactor. :• - ' ■ '• - •’ •' " '

There is no doubt that Argent
tina would like ftese countries
evenCualZy.'td'; adopt, a natural '•
uranium /heavy water techno-

logy for .. their commercial •
. reactor programmes. Wrth its -
own heavy water plant, vArgMik'.
tina would then be top dog m a*..
Latin American natiiral'urammn _
“club.” capable ot supplying-.
heavy water, fuel and equipment
to the other nations. - . - . V -s

. it seems highly unlikely- /ffiat '
either -Argentina - or BraziL xa
the - • foreseeable future - Wafly.
accede to the NPTir -Their
■ fundamental objection is that it
discriminates . r against 1 '-- oo^. -
nuclear'.- weapons states^ 1 by:
shackling their full development ..
of the nuclear fission .proce^, ..
U.S. policy makers have:" fteissv;
fore been focussing - attention.;
on a 1 regional 1 .method ■% of/
restraining nuclear development
which might be.more politically^
acceptable to both states-.^ The; .
mech anis m, already ..exists^-ihe.-;
treaty of Tlatelolco ;bf- J367,-
which establishes, : on- psperav.
least, a nuclear free; zone -in :
Latin America.

The treaty goes .. one. Btgp •.
further than the NI^- in-:^nc ;
important sense. Not. only ideas -
it require participants to. t&e.. c
basic treaty : to .desist ■ from
developing nuclear, ^weapons,,
but it also, contains two -addi-
tional protocols— designed , for
signature by stales with ' terri-
torial interests, in the area : aiji
by the. Jbig nudear jowers-r-to^
prevent use or deployment of
nuclear weapons in Latin,
America by any other outside
country. .

Most'- Latin American
republics are partie^ .tq ; tfte
treaty. But four of the five that
are not are militarily Important
—Cuba, which has not signed
for fundamental political •
reasons, Argentina, which has
signed but not ..ratified, .. and -
Brazil and Chile, which hhve;.-
both signed and ; ratified hut~
have stated that they will not
be' bound by the. treaty untH.all
the p'otentiai signatories have ...
put it into effect V. - ; ' ■ •'{

Recent moves by . the U.S., ;
Soviet Union* and, . Frence.. t 0 w
. implement ’ the two , additional;;
protocols, inay teiprbve . .thfe-j
climate . for Argentina r amt
Brazil to apply the „ Tlatelolco
treaty. . .

However, dU efforts by the..
UB. or anyone else to get Latin'.
America’s potential nuclear-
powers to agree proliferation :
curbs are overshadowed by the.,
refusal of Argentina and Brazil
to- -make any- step in this .
direction tinless the other does.
the. same. " ; .

Regardles of what happens to ; '
the German-Argentine deal, ’
this basic impasse will have to
be broken irf the next few years-'
unless the UlS. policy qf curb- V
ing the spread of nuclear arms ;
is to founder in ah area which;:-,
the U.S. used to consider as its '-:
own backyard. .

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MEN AND MAHERS

Counting the cost
of crying wolf

The Food and Drink Industries
Council admits in its latest
bulletin that it acted in
“exactly the wrong way” dur-
ing the lorry-drivers' strike in
January by “ shouting loud and
long.” As was remarked in this
column 'at tiie time, bisciiit-
xnakers in particular were quick
to forecast that the strike would
empty supermarket shelves and
cause public hardship.

The council now confesses
that these tactics “convinced
the strikers . . . that they had
the whiphand.” This view is
held, it may be assumed, by
Sir Hector Laing, retiring
chairman of the council and
head of United Biscuits.

The victory of the lorry-
drivers drove a major breach
through the 5 per cent pay
policy- The bulletin suggests
that the food and drink indust-
ries would have been wiser to
say that the effects of the
strike and secondary picketing
were “minor and not really to
be much bothered about.” It
concludes; “Might it not even
have resulted in a lower
settlement?”

ever, Hague can always console
himself with his favourite activi-
ties— -church organs and watch-
ing Manchester United.

Followed around

“Let’s open the champagne—
ldon’t think .we’re going to
need It for the ships”

Tory tune

Already filing five dense inches
in the current Who’s Who, Pro-
fessor Douglas Hague acquired
another line for next year's
edition when he was yesterday
named personal economic
adviser to Margaret Thatcher.

with. duties already stretching
from deputy director of the
Manchester Business School, to
a directorship in the Laird
Group, and fntolvement in
numerous public bodies, Hague
is exteremely hard to keep track
of, even for his new political
masters. His day yesterday
began — 'not untypirally, I am
told— with an 8B0 a.m. visit to
the British Steel Corporation
(Hague is also an industrial,
consultant). After that he
vanished down one or other
*■— — of power.

to exchange a few words with
him yesterday reports that the
52-year-old professor was hap-
pily denouncing “too much
government and too much
intervention” and sajnng how
fervently he agreed with
Thatcher.

In short, the Hague approach
holds, it would seem, few sur-
prises ! 11 We need to get people
acting for themselves. Cutting
taxes and restoring incentives
will get the economy alive
again.” Hague will have ample
opportunity to apply fine tuning
to these familiar Tory warcries.
Apart from adviiing Thatcher
on economic developments dur-
ing the campaign, he will also
be writing some of her speeches.

Given that the professor is
backing a winner, it is tempting
to speculate on what glittering
prize may be offered him after
the election. Being head of the
“Think Tank” might appeal to
him, should he have the tide,
or a position as a specialist
economic adviser, or perhaps
chief economic adviser to the

Treasury (the present holder of
the post. Sir Fred Atkinson, is
dne to retire at the end of this
year).

TV —c; flu "• —v i*—-.

Pressure from the new revolu-
tionary government in Iran has
successfully driven the Shah
first from Egypt and most
recently from Morocco. I learn
that the supporters of Ayatollah
Khomeini are now bringing
their diplomatic guns to bear on
his latest refuge, the Bahamas.
This is part of their bid to
bring him back to Iran to face
trial.

. In this respect, Britain is
relieved that the government in
Nassau is now fully independent
from London; but the island’s
membership of tiie Common-
wealth is proving a slight diffi-
culty. Tehran believes that if
the Queen of England is also
Oueen of the aBhamas, Britain
can hardly claim to be un-
involved.

- It seems that informal
enquiries from Iran have so far
met with suitably intellectual
responses. The historical argu-
ment compares the Queen with
Charles V. King of Spain and
Austria, who was not directly
concerned with one country
when living in the other.

Ayatollah Khomeini might be
more impressed, however, with
the religious argument This
makes an analogy' between the
position of the Queen as bead
of State of both countries and
the relationship between God
and the Holy Spirit : that the
roles are both the same, but
different

me who has only half as many
lungs as the ordinary person
should be able to. smoke twice
as much, don’t you think?”

It is the kind of remark which
might be made by one of the
more desperate characters in a
Greene novel. Yet in every
other respect Endo is as neat
and confident as any Tokyo
banker. He can afford the con-
fidence: one of his books has
sold 800,000 copies in Japan and
the others seem to be nearing
the half-million mark.

Now in his middle fifties— -and
a Catholic, as is Greene — he
looks back nostagically to the
values of pre-war Japan. Does
he compare himself with the
militaristic writer Yukio
Mishima, who committed hara-
kiri? “Definitely not, he was a
feudalist”

Endo is here for the publica-
tion by Peter Owen of his latest
novel, " When I Whistle.” He
also hopes to see Greene in
France.

Although he feels modern
Japan has lost its love of nature,
he does not shy away from pro-
gress. “ We must have nuclear
power, because Japan has no
domestic energy sources But
technology is for human beings,
not for itself.” Pleased with this
aphorism, he lights another
cigarette.

Endo most enjoys talking
about religion and the part a
modified Christianity could play
ro soften Japanese life. His
“Life of Jesus,” after selling
400.000 copies in his own
language, has recently won a
Polish literary prize.

Safety first

Sage at the Ritz

can in

Whether you’

u’re seeking development sites, new tectories.
it s easy to ne wooed into the wilderness. * .'*V«

m n finer inrfnrpm'pnlc

‘ Sru °“J ces ’ !t s easy; tone wooed into the wilderness.
iU ^ u! sfcffld? mptmS mc * uceraerits dried up, where

T^e road to Swindon isn’t paved with gold. All we

ISC are SUDcrb cnmmnnif^tirmc Vn, lonrl a

The man they call Japan’s
Graham Greene was in the Ritz
Hotel, London, yesterday-
behaving in a manner I found
fairly unnerving, Shusaku Endo
chain-smoked through the inter-
view, although he has had one
lung removed. “Lung cancer
occurs because people have

Tnnnc ” JlP £B<rL “ » : ®-

From Prague comes the story
of two strangers who were
admiring a shiny new car in .
Wenceslaus Square. “You’ve :
certainly got to hand it to the '
Russians,” one said. - Don’t be ;
r'-lini’oiis J h said the other.
“Don’t you know an American
car when you see one ? "

“ Of course I do," said toe first
" but I don’t know you.”

lne roaa to owinaon isn’t paved with gold. All we ' • \ ~
E ro ™sc are superb communications by land, sea and ait ■ '

^^b^eraties. Guaranteed housing foryour fey

A substantial pool of labour and first
class local training facilities. .

In a nutshell, the perfect backcloth
forcontmumg business growth.

And that, you may agree, is the
only incentive really worth havini
; Over 300 companies are
already with us - and there’s

' * i- -Z

•.'4.--.

plenty of room for more.

Whatever your business needs,
contact: The Industrial Adviser, .

Civic Offices, Euclid Street
Swindon SN1 2JH.

Tel: (0795) 2616L Telex 44833

7" '*/iv?:-L". TV,

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^ ’ ' • --- ■ ’’• •■. • ; " •. ' ' '

J Mdaf April 6 1979

POLITICS TODAY

Thatcher’s

met candidates

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WHAT ■WOULD Mis. Thatcher*
Government look like. '.if the
Tories -were to wi o’ the eleettbn?
The answer is almost certainly
that nobody yet knows, includ-
ing Mrs. Thatcher herself. It
is the. sort of thing that she
will be writing down on the back
of an envelope during the cam-
paign ' and would only finally
resolve once she knew .that she
ha<f won, and by how much. -.

But there are a' few -indica-
tions to go on, as wejil as a few
unresolved .problems. There
can be no great harm in specu-
lating . while, waiting for the
campaign proper to begin.

Mrs.- Thatcher may seem radi-
cal, even ruthless, in her poli-
cies, but she has shown herself
remarkably conservative In her
habits,. .It was a dramatic, act
to stand against Mr.. Heath for
the leadership' and it was a clue
to her thinking that, when she
won. she gave overall responsi-
bility for policy and research
to Sir Keith Joseph, a position
which he bas retained ever
since. Four years later, how-
ever, she has not exactly trans-
formed the Conservative front
bench. -

Mts. Thatcher's. “Shadow
Cabinet” — or, to be accurate,
the Leader’s Consultative -Com-
mittee — still contains at least
three senior members who held
the. same position under Mr. .
Heath . Mr. James Prior is. still
shadowing employment, -Sir
Michael Havers is still the,. law
spokesman, and Mr. Humphrey
Atkins . is still the opposition-
chief whip.

It is also notable that where
Mrs. Thatcher did make changes
at the start she- has tended to.
stick with them. Sir Geoffrey -
Howe has been shadowing the
Treasury from the beginning. It
is the same with,. Mrs.. Sally.
Oppenheim on consumer affairs,
just as it was with Mr. Airey
Neave on Northern- Ireland
until tads appalling death last

week. Sir Ian Gilmour has been
shadowing defence for almost
as- long.

. The one great exception was
the' dismissal of the late Mr.
Reginald Maudling as Shadow
.Foreign Secretary. But in
general, as far as appointments
are concerned, Mrs. Thatcher as
leader of the Opposition has
behaved much like ; Mr.
Callaghan as Prime Minister.
She has : made changes: .In the
team only when obliged to do so
—by death, sickness or resigna-
tion. Even then the changes
have been minimal, and j appear
to . conform to- no ; particular
ideological pattern:.. - ' ■
There was some surprise last
autnmn when Mr. Mark Carlisle
was appointed education spokes-
man without any very obvious
qualifications for the job. But
again Mrs. Thatcher kept -the
reshuffle as small as possible.
She had been forced to - do
something by the illness of Mr.
John Davies at foreign affairs,
so she replaced Mr. Davies with
Mr. Francis Pym and gave Mr.
Pyin’s old job as shadow Leader
of the *Honse to - Mr. Norman
St John Stevas, who was an
obvious choice both as a skilled
performer and as a constitu-
tional historian.

The best explanation one has
heard of Why she filled the gap
left at education with Mr.
Carlisle is that he had spoken
up for her at a time when die
was under criticism from the
Tory left for her remarks on
immigration. Coming from a
man who was himself suspected
of being liberal, this support
was welcome and was judged
worthy of reward when the
opportunity arose. t
-One reason why there have
not been more radical and more
frequent reshuffles may be. that
a general election was always
in the offing. There was always
the danger that . front bench
spokesmen new to their jobs

FETES WALKER
. . . energy or trade

would have to fight an election
campaign before having read
themselves in. But then- a !-.o
seems to be an element uj
cautiousness.

A similar cautiousness can he
seen in her attitude to Govern-
ment Departments. If the Tories
do win the election, it seems
unlikely that there would be
any dramatic changes in the
structure of government, at
least at the start. Even recent
reports that the Departments of
Trade and Industry would be
merged are now dismissed as
premature. The " think tank”—
or Central Policy Review Staff
— would be kept. There might
be a feeling that nearly all
Departments should be

trimmed, but there is no ques-
tioning the basic machinery.

Yet, as polling day

approaches, it must be clear
that there are sunie problems of
personnel and portfolios that
are far from being resolved.

SIR GEOFFREY HOWE
. . . choice lor Chancellor

Forming a Cabinet is quite dif-
ferent from getting by with the
shadows. There is the question
of Mr. Heath. Would he serve?
There is the vacuum left hv the
death of Mr. Neave, who would
almost certainly have been Mrs.
Thatcher's man in Northern
Ireland. There is the position of
those leading Conservatives who
have not had a place in the
Leader's Consultative Com-
mittee, but who would have a
strong claim to a place in a Tory
Cabinet— Mr. Peter Walker, Mr.
Edward Du Cann and perhaps
Mr. Geoffrey Rippon. There are
others who have been close to
Mrs. Thatcher, but who have
not always had a shadow port-
folio, Mr. Nicholas Ridley, Mr.
Angus Maude and Mr. John
Biffen come to mind. There is
the case of Mr. Atkins, who has
been chief whip long enough to
expect something better. Not
least, there must be a question
mark over agriculture since Mr.

EDWARD DL CANN

. . . why sal agriculture?

John Silkin has shown what can
bo done with Uie job. at any
rate in terms of publicity.

Mr. Heath's position is still
uncertain, '-.'n: so long ago
Mrs. Thatcher n.id ifc* bright
idea of offering him defence! It
bad the obvious attraction of
allowing him to get on with an
important job without obliging
him to sit under the Leader’s
wing at tsayl meetings of the
European Council. Now it
appears that Mr. Heath has
indicated that he would accept
only the Chancellorship. It is
an impossible position and he
must know it. Not only is his
current economic phiiosoDhv
quite incompa table with that of
Mrs. Thatcher: it has become
almost inconceivable in recent
months that the nffi.-e of Chan-
cellor of the Exchequer would
go to anyone other than Sir
Geoffrey Howe.

That. then, is one post filled —
even if Mrs. Thatcher intends to

overlord it herself. Until
recently, it also seemed that Mr.
Francis Pym was a safe . bet for
the Foreign Office, although
Lord Carrington was a declared
contender. The death of Mr.
Neave may have changed all
that. Clearly the tusk of Secre-
tary of State for Northern Ire-
land ' is an important one,
perhaps more so now than ever.
It is also one that to good Tory
could turn down if offered. Duty,
if cot KoWcsse, would compel
acceptance. That would apply to
Mr. Pym, who served there
briefly at the end of the Heath
Administration. But might it not
be aa ever, better idea to offer
it jo the liberal Lord Carring-
ton? After all, there could be
very little wrong with giving a
senior Cabinet post to a Lord
if he has to spend most of his
time in Stormont. An outside
bet would be Mr. Atkins, though
he is said also to have his eye
on defence.

Let us assume that the next
round of calculations is the con-
ventional one. Mrs. Thatcher
puts Mr. W'hitelaw in the Home
Office, Sir Ian Gilmour being re-
garded as altogether too liberal.
Mr. Prior stays with employment
if only because he has been
there so long that he bas become
a sort of symbol of one particu-
lar strand in Tor;/ thinking.
Besides, his removal would ex-
cite speculation about the signi-
ficance to he attached to it

For rather similar reasons Sir
Keith Joseph stays with indus-
try. To appoint him Chancellor
of the Duchy of Lancaster, for
example, would only encourage
the belief that he was the real
eminence pri.se behind a
Thatcher Government. It would
not be worth the effort especi-
ally as he could continue to
advise Mrs. Thatcher from any
post whatsoever.

Some other appointments fall
easily into place. Mr. Nicholas
Edwards gets Wales, provided

that he holds his seat. . Mr.
Teddy Taylor gets Scotland
rather than the devolutionist,
Mr. Alick Buchan an -Smith, (il
would be a major surprise if it
were the other way round.)
Lard Thomeycroft is persuaded
to join the Cabinet without
portfolio, at least for a while,
because of his position as an
old and trusted adviser.

But it is at this stage that
the calculations become more
difficult What about those
rising stars, favourites and out-
siders who need to be brought
in somewhere? And what about
ihose stricky posts such as
agriculture ? Mr. Peter Walker
has to come in, especially if
Mr. Heath is out, but it is
beginning to look as if there
are not enough senior posts to
go round. Someone will have
to be dropped. Mr. Tom King,
the present energy spokesman,
looks vulnerable and nice Mr.
John Peyton, at agriculture,
might not be capable of taking
on his European counterparts
in the manner of Mr. Silkin.

Rising star

That frees two posts. Mr.
Walker could go* to Energy.
Better still he could go to trade.
Mr. John Nott, the rising star
who has been shadowing the
post, could become Chief
Secretary at the Treasury'. But
that still leaves Mr. Du Cann
and Mr. Biffen, and the posts
of Chancellor of the Duchy and
Agriculture are still open.
Mr. Biffen is a candidate for
both posts. He is. in effect,
shadow Chancellor of the
Duchy at the moment. But he
is also somewhat sceptical of
Europe and has experience of
farming. On reflection, he
seems better suited to take over
the role Mr. Harold Lever
plays at the Duchy in the
present government. He could

have responsibility for small
businesses. give general
economic advice and instead of
going round reassuring the City
that the Government is sound
at heart, he could reassure the
trades unions.

Yet could one risk giving
agriculture to Mr. Du Cann?

He is not a European. In the
House of Commons on Tues-
day he stood up and effectively
out-Silk ined Mr. Silkin. On v
the other hand, his stature in
the House is considerable. He
is also a patriot. The alter-
native might be Lord Soames,
but he is regarded by sections .
of the party as a soft touch
for the French and Germans
and anyway there are too many
Lords. So why not Mr. Du
Cann?

Problems remain. No senior
place has been found for Mr.
Nicholas Ridley. The question
of defence has not been
resolved. What if Mr. Heath l
were to change his mind?
What if Lord Carrington pre-
ferred to retreat to Rio Tinto *
Zinc if he could not become
Foreign Secretary? There are
also no bright young faces,
despite an able up-and-coming
generation on the Tory •
benches. j

It is at this stage that one
realises that the process of
Cabinet -making is not only
difficult, but nearly impossible.

It is much easier to settle for
the resources available almost ;
in their present positions and
go along by trial and error, j
Assuming there is a Thatcher I
Cabinet Mark J, a Thatcher *
Cabinet Mark 2. bringing in
the second generation, could !
look very different. Yet one
cannot help thinking that one )
has heard that sort Df thing !
before. Politics does not j.
change very much, except, per-
haps by accident. J

Malcolm Rutherford .

Letters to the Editor

Sinking

fast

From the president^ Hampton
Roods Energy Company -
Sir, — The '..article by Ray
Dafter (March 16) entitled, “The
tangled web - of controls^" . tells
the “sad story”- of what is hap-
pening in America: We. are:gal-
1 oping down. Britain's. roadr-b}
fact, we are surpassing yon
because our productivity is now
lower t&anjpusi jahKjamdet
Ray Dafter referred to remarks
by Bob Yancey, president of
Ashland Oil-weare ‘"the
would-be refiner ”- Who. has
*■ spent nine yeareand $8m try-
ing to get permits tb- construct
a new refinery .in-.' 'Virginia.” -
We,_in America, are commit-
ting ’ hari-kari- ,/ .Ma 7 idiotic
environmental Jaws that have
us locked - into “ ho - growth ”
while doing little, if: anything,
to clean up our ^est” In fact,
our refinery would have been
producing . clean, , low-sulphur
fuels and " unloaded gasoline
(both are in short supply here)
iF our Tefinery "bad been built
six’ years ago/ Actually, our.
envlromental problem is “smog*.*
— caused, in our case, by nature
(methane from the adjacent Dis- •
mal Swamp and automobile
emissions). The automobile is
sacrosanct and untouchable by
the politicians, and it continues
to gulp up increasing volumes nf
gasoline. !Tbese . volumes " will
have to be imported more and
more, and our balance of nay-
ments will get. worse, while
foreign aid will skyrocket ..for
the Middle East peace. We wiH
soon be looking to. Europe for
energy and: for a ‘ “ Marshall
Plan” for America, so hurry up
atid find more oily •

John K. Evans, -
Suite 91S,

1010: Vermont Avenue, > .

NorthuKSiiWashingtonr D-C.-,

May I suggest that the educa-
tionists consider the provision of
incentives to secure -earlier
release from such a sentence?
If a student can achieve an in-
dustrially acceptable standard of
literacy and numeracy, and at
least one useful skill, or employ-
ment to go to, should he or she
not be allowed to leave? After
all. in educational system.exists
to which students can return in
order to change skills aS In-
dustrial' demand- alters, or. as
they themselves develop./’/'

. -May. I suggest too that Ihe^n- 1
laves are provided to attract v
teachers of top quality toschools.
with a bottom quarter potential?
By that I do not mean those with
top academic qualifications; no,
throw those to. -the; bright ones
who require- little more than
guidance. 'The bottom quarter
desperately needs all the
teachers.- . with real talent,
imagination, drive and dedica-
tion that there are — and if high
pay, ' or special conditions of
work, will get them where they
are wanted, it should be offered
to them.

Otherwise we are providing-
society with a dangerous sub-
stratum. of wasted lives.

M.-E. D. Biggs.

Famaby's.

Elgin Road, .

Weybridgc, Surrey.

■y

Lorry weights

Front Mr. M. D. Redkr _

Sir,— Before, the Government
inquiry into •' lorry 1 weights
I, becomes too involved, would
1 1 someone please state how much
it is going to cost to strengthen
roads to cany the extra weight
of 44-tonne r lorries? •* In areas-
like Cheltenham, where the
roads rest, tax wet clay or sand
for much of the - year, even
e xistin g lorries appear to,- the
inexpert eye to be much too
heavy for the road surfaces aha
the sewers and other pipes
beneath them.

Furthermore, when the shocks
of lorries passing over bumps or
pot holes can already- be felt
.occasionally in houses 150
metres away, who. is going to-
protect the householder and pay
• for the damage?

M. D.Redler. ■

3, Witney Court,

Western Road,

Cheltenham.

Dangerous

waste

’ ^:$ 7rom Mt - K D ' Bi " R
•W/* Sir, — Your Education Corre-

, spondent sees “. . . the destiny
: ~y. — of the bottom quarter (of the
-- schools population) ns the most
intractable problem lying before
education.” Quite right; and it
is not much to the credit of the
theorists and careerists in educa-
tion that it is so. Can they not
understand why "school” to
the “bottom quarter" often
feels like an educational sen-
tence until the year they are 16,
and that their greatest fulfil-
®cnt_fe to escape?

_. Cambridge
arguments

From Mr. Macmillan

Sir,— I refer to the recently
published Cambridge Economic
Policy Review and must agree
with Samuel Brittan that the
Cambridge method of- analysis
is “ profoundly misguided ■ —
and consequently their con-
clusion awry.

May I challenge one or two
specific points not mentioned
by Mr. Brittan in his article
(March 29), and which appa-
rently form part of the Cam-
bridge thesis?

1— U.S. reflation at home
combined with import controls
will solve unemployment and
the deficit— Cambridge “struc-
turalists” should realise that
modern, economic theorists
(Leijohnhuvud, Clower and
others) have substantive argu-
ments against the feasibility of
governmental . reflationary
measures in modern economies
where the classic M responses
may not he there. ** Liquidity
traps ” and structural inflexi-
bilities combined with domestic
reflationary monetary/fiscal
measures equals stagflation:
.domestic stagflation equals less
export competitivity and more
imports.

2 — OPEC imports will again
rise to match increased receipts
from oil price rises — surely
OPEC countries are pushing up
prices because (inter alia) they
want to be able to put aside
savings for the proverbial rainy
day when the proverbial goose
ceases to lay golden eggs and
oil resources are exhausted.
Not ail will be spent so further
oil price - rises cannot be
regarded with bland ivory
tower equanimity.

3— Discriminating against the
Japanese means greater export
potential for other countries—
truisms are perhaps the Cam-
bridge School's forte, hut this
one doe^not need reiterating.

I do not-reject the Cambridge
school out of hand, nor deny
that competent academics,
econometricians and practical
or “applied" economists abide
therein. But “ turning argu-
ments on their head," as Mr.
Brittan puts it, whether the
dollar shortage one. or prescrib-
ing import controls and
domestic inflation instead of
devaluation and domestic defla-
tion, is surely unproductive—
the counter-arguments are
already there, and theoretical
perversity of no substitute for
empirical realism.

M. L. H.. Macmillan.

37. Rylett Road.

London, W12.

Rented

sector

From the Chief General
Manager, The Abbey National
Building Society .

Sir,— May I reply very briefly
.to air- Cutting ( April 4) con-
cerning my. proposal that build-
ing societies' operate in the
rented sector?

He may be right that socie-
ties will ultimately seek some
relief from. Rent Act restric-
tions, but I repeat that this
may not be essential. Continuity
of tenure would not' necessarily
constitute an obstacle to their
purpose, and in. regard to
“fair rents ", we would expect
to manage on the. same basis
and at least as well as Housing
Associations.

C. E. L Thornton,

Abbey House,

Baker Street, NWI.

Accounting

alternatives

From Mr. Henry A. V. Wilson
Sir, — I am very much in agree-
ment with Mr. B. Prod ban's sug-
gestion (March 27) that all UK
companies should have a
common accounting year. How-
ever, there are practicial diffi-
culties, as it would create

Fanners have
a case

From The Viscount Trenckard

Sir,— I note the letter from
the president of the NFU Mr.
Richard Butler i March 30) .
There is a tendency among
many of us who are not farmers
to discount their warnings. This
has been the greater because of
the universal desire to reduce
infla tion. I believe we must
now heed them.

\ Regrettably this country has
very few " strong suits.” Where
in industry, our productivity
lags further behind our com-
petitors, in agriculture, it is
still well above the average of
tiie EEC. 1 say' still because
the EEC is now shedding farm
labour at a much faster rate
than we are. For instance
Germany has slied 34 per cent
of those working on the land
in the eight years ended in 1976.
They are catching up behind
the protection of a subsidy level
through Monetary Compensa-
tion Amounts and the green
pound, which has averaged
30 per cent of price over recent
years.

It is confirmation of efficiency
that this has not destroyed our
agriculture, but the bank lend-
ing; figures to farming support
the simple arithmetic that shows
that the 5 per cent green pound
devaluation is not enough. Of
course in many commodities,
damage will take time— even
years— to show up, but by then
it could he Irreparable.

I think it is probable that on
a fair competitive basis since
UK accession, our agriculture
and processing industries could
have - saved between f 500 and
fl.OOOm per annum through
increased shares of our own

enormous peak demands on the
auditing profession and the
Inland Revenue would probably
not visit to have a seasonal con-
centration of taxable profit
computations.

Perhaps an acceptable alter-
native would be for all quoted
companies to have an account-
ing year ending with either
March, June. September or
December and that they should
publish unaudited interim
accounts in summarised form
each quarter. In this way
government department finan-
cial analysts, economists, in-
vestors, trades unions and others
could have a regular flow of
up-to-date information on a
large segment of the UK
economy.

Henry A. V. Wilson.

06. The Spinney,

Bcaconsfield. Bucks.

Premium

relief

From the Secretary General,
The Life Offices' Association.

Sir, — In his letter (March Sli
Mr. W. Jasper! suggested that
under the new system of grant-
ing life' assurance premium re-
lief all policyholders should
have been offered the alternative
of continuing premium pay-
ments as before and in return
receiving bigger insurance cover.

Apart from the fact that the
legislation introducing the new
system did not make provision
for offering the alternative of
higher sums assured except in
the case of some industrial
branch policies, the life offices
would have been faced with
extensive administrative difficul-
ties and costs in offering policy-
holders a choice as suggested.
Michael Opp£,

The Life Offices' Association.

market for temperate foods and
through some extra exports.
Why have we missed and are
still ignoring this opportunity?
The answer, of -course, is short-
term food prices and the battle
against inflation. For a year or
two this was, of course. Justifi-
able but we have now half
thrown away an opportunity to
expand one of the very few
areas where we are competitive.

I can now hear the cries of
some readers about EEC prices
being too high and surplus too
large. My answer is that, had
we given agriculture a fair com-
petitive .opportunity to expand,
EEC prices would by now have
been forced down. The first
principle of the CAP, to allow
production to rise in low cost
areas and to decline in high cost
areas, would have been forced
into operation. Social measures
to assist small French and
German farmers would have had
to be developed. The NFU is
not asking for current EEC
price levels or anywhere near
them.

British consumer interests lie
in supporting a much fairer
opportunity for British farmers.
They should beware of certain
slightly spurious statistics of.
world prices and availabilities
at the bottom of the usual com-
modity cycle. In 1974 and 1975.
we probably got our food
cheaper as a result of EEC
membership. There are things
which need to be changed in the
CAP. They wiH be changed
earlier with a tittle diplomacy
and with a fairer trading oppor-
tunity for our fanners to ex-
pand and force change in keep-
ing with lie main principle of
the CAP.

Viscount Trenchard.

Abdale House, North Mymms,
Hatfield, Herts.

Today’s Events

%>

GENERAL

UK: Mr. David Steel, Liberal
Party chairman, opens Liberal
Trades Union conference. Black-
pool.

' Mr. Len Murray, TUC general
secretary; Mr. Tom Jackson.
Union of Post Office Workers
general secretory; and Mr. David
Ennals. Social Services Secre-
tary, launch *• Good neighbour
campaign," Congress House.
London.

London Transport engineering
staff pay talks start. •

Association • of British
Chambers of Commerce an.nual
conference discusses trade
unions, and small businesses; Sir
Freddie . Laker, chairman of

Laker Airways, speaks at lunch.
Royal Garden Hotel, London.

British Small Animal
Veterinary Association Congress
opens, Cun 3rd International
Hotel. London (until April 18).

Design Council statement on
1979 awards to British motor
industry.

Sir Kenneth Cork, Lord Mayor
of London, attends 50th anni-
versary dinner of the Cocoa
Association of London. Mansion
House.

Antiques Exhibition opens at
Bristol Museum (until May 5).

Birmingham Motor Show

ovens at Bingley Hall (until
April 17).

Duke of Edinburgh is review-
ing officer at Sovereign's Parade,
Royal Military Academy, Sand-
hurst

Overseas: Mr. Sunao Sonoda,
Japanese Foreign Minister, has
meetings in Washington with
Special Trade Representative
Strauss. Secretary of State for
Foreign Affairs Vance. Defence
Secretary Brown and Energy
Secretary Schlesinger, in pre-
paration for June Tokyo summit

Noon deadline for Mr. Connie
Mulder • to recant allegations

aeainst South African Cabinet
Ministers said to he involved in
Ministry of Information scandal
COMPANY RESULTS
Final dividends: Finnin and
Sons. F. Miller Textiles. Pearl
Assurance Company. Scottish
Television. Unicom Industries.
E. Upton and Sons.

COMPANY MEETINGS
British American and General
Trust, 20 Fenchurch Street EC,
11.30. London Investment Trust,
96-9S Marsham Street. SW, 10.30.
LUNCHTIME MUSIC, London
Recorded music by Mahler at
Holy Sepulchre. Holbom, 1.15.

Piano recital by Luc Devos at
St. Martin-within-Ludgate, 1.15.

pays us guaranteed extra interest

every month.”

You've got some capital but don’t
want to spend it.Putit to good use.

Invest in a Nationwide Capital
Bond. where your capital is guaranteed

■ 18 *

casfs

£xfrd ^'inferesT'O •50

for 2 years -yy; O

Share-/;!

0:002

Account 1

0 ^

12*69*

IKf

to earn extra interest above our
prevailing Share Account rate.

You can invest any sum between .
£500 and £15.000 (£30.000 for a joint
account) and leave it for 2,3 or 4 years.

A 2 year Nationwide Capital
Bond pays V** extrainterest above the
ordinary rate. A 3 year Bond pays P-
extra interest The 4 year Bond pays
most of all - 1 extra.

And with the current issue of
Capital Bonds you can have your
interest paid monthly. _ .

There are over 830 Nationwide
branches and agency branches. Call a t
the one nearest you.or post the coupon.

Tn.\.Vii.a'ridi i EuiidinRS(K‘H.-lv 1 |-HEEP<'>ST,l MiSimWClV fiXA.

J IV«- 1 nirlwachi-qiii 1 Inr £ .

.lube inn.-3ii.ti as indicated.

f n-EASt nCKCO.VEs

| l.ln a H-iear.I .Uyw'. : 4-yi-ar \ \ai inn wide Caniiul Bond.
ni-aM-jidVimvn*-i ai endolearfi inunihr luartii-r wulidrja.il
iri-ml'.ipiijl llund-miK in ei i-nt ul liiddriX Hi Alh.l
^.1 n a Nat Kfliwid' • >i uirr \cmuin 1
lnicre>i inb>' fimipuunili.il. . i»r p,itd I ial I -y»-«i rly

nationwide

1 Full Name (s).
j Address

2 A

Date.

I kiad CM ftaf, New CHUrd House. High Uolbom.L"nHin U 1 •W.hmdf rigH* million. AmlMriu-d lut investment by Ini Member ut the KiiiMiug A>-uyi&t»on.

- ;~V: : ■. r

20

Financial .Times. Friday, April 6 .1079

Companies and Markets

UK COMPANY NEWS

A Vis

GKN reaches £87m but

UK motor profits hit

Ladbroke leaps
71% to £41m

second half-

1

} WITH SECOND half profits show-
. ing an increase from £3L5ro to
. £45.3 in the total pre-tax balance
' 'of Guest Keen and Nettlefolds.
' the steel group, has reached

■ £87. 3m in 197S. This comes close
; to the record £S8.5m achieved in

1976 and compares with £72.3m
'. for 1977.

The directors report that
> market conditions in the second
half showed little improvement
on those of the first six months.

■ Throughout the year there was a
, general lack of buoyancy in the
: steel, automotive and building
: and construction sectors.

i Although automotive com-
' ponent sales in Europe improved
| as the year progressed, the UK
; automotive companies, hampered
I by industrial unrest, fell well
, below their first half per-
formance.

I As regards the current year the
directors state that the general

■ trading environment shows -little

■ sign of being significantly
: different from that of 1978 and
• the opening months of the year

have seen a high level of indus-
trial disruption in the UK

They point out that in the last
' 12 months the group has been
moving towards a more con-
centrated organisation based on
' main business areas which will
provide a firm base for future
growth and profitability. This has
, involved the disposal and closure
of a number of activities un-
related to the planned strategy.

External turnover in the year
showed a rise from £1.64bn to
£1.75hn. The trading surplus
was higher at £96.3m compared
• with £S3.1m and this was after
a total depreciation charge of
£61.4m (£56.Sm), which included
an additional £19. 9m (£i9J>m)
for inflation.

Torai exports from the UK
rose to £225rn (£203nr) despite
difficult market conditions

HIGHLIGHTS

GKN has pleased the City with results usefully above expecta-
tions. Lex discusses the company's good performance overseas
and in autocomponents plus the sharp upturn in the general
engineering division. Lex also looks at yesterday’s monetary
decisions by the authorities with MLR coming down a point
and sterling being allowed to float more freely. Cadbury
Schweppes’ profits are unchanged but the group is forecasting
a material improvement this year, likewise Bowater’s profits
are stagnant but the pulp cycle is turning up and the next
two years should be much better. Ladbroke ’s profits are more
than doubled in the second half leaving the full year well
ahead of market expectations. Elsewhere Taylor Woodrow is
ahead of forecast, but at London Brick the growth rate has
slowed down and profits are only 16 per cent higher for the year.

brought about by the strengthen-
ing of sterling in the second
half. Group sales to the U.S.
jumped by 65 per cent to £72m.

An analysis of the trading
surplus shows: primary metal
products £13m; automotive com-
ponents £47 m; wholesale and
industrial distribution £13m; and
general and civil engineering
products and services £23m. UK
companies contributed £56-3*
(£52. 5 m ) and overseas £40 cn
(£30.6m).

Providing for tax and minori-
ties the .years • earnings come
through at £40.4m against
£35.8m. Earnings per share
are stated at 26.7p (24.9p), or
40.Sp (39.2p) before charging

additional depreciation for infla-
tion. The directors point out
that earnings per share have
been increased by lOp - (l4.1p)
arising from the current basis
of providing for deferred tax.

The dividend total is increased
from 15.564Sp to 17.3803p, with
a final of 11.7914p.

The tax charge — £41.6m
(£3L7m>— has benefited from

accelerated capital allowances,
-stock appreciation relief and
certain other timing differences.
Without the benefit of these
allowances the tax charge would
have been increased by £15. lm
(£20.6m).

Capital expenditure sanctioned
and outstanding at December 31
amounted to £73m (£80m). Con-
tracts placed against these
amount to £28 .8m (£34.7m).

The balance-sheet at Decem-
ber 31 showed net borrowings
up from £67.7m to £12l.7m —
overdrafts and short-term loans
rose from £94. lm to £146-4m.
while cash was lower at £24.7m
against £26.4m.

See Lex

OUTSTRIPPING ITS midway
forecast by £10m Ladbrokes
Group, the bookmaker, casinos,
holidays and hotels concern,
lifted taxable' profit 71 per cent
in 1978 from £24^2Sm to a record
£4L.4m. The second half surplus
was more than doubled from
£13. 35m to £27.6m and turnover
for the year was up 21 per cent
at £469m, against £388m.

The growth reflected progress
throughout the group, Mr. Cyril
Stein, the chairman, says the
company is continuing to invest
and expand and looks to the
future with confidence.

Of renewal of the group’s
London casino licences, due for
renewal in May, he says:
“Following some irresponsible
Press publicity police objections
are now anticipated based on
alleged technical breaches but it
has been made clear there will
be no prosecution.

•' The objections will be
strenuously and, in the view of
the company's legal advisers,
successfully resisted."

The hotel, holiday and enter-
tainment sector increased its

share of group profit, against
goad performance in betting and
casinos which in 1977 accounted
for over £19m of the total.

A net filial dividend of 4.0166p
lifts the total to a maximum per-
mitted 7.8166p (7.0606P) costing
£447m (£3 .56m) which is covered
5.1 (4) times. Again the Board
says it intended to recommend a
substantial Increase in dividend
as soon as possible.

After tax of £17 .82m (£9 -23m)
stated earnings per lOp share
emerge 44 per cent higher at
4L53p, compared with 28-89?.^

In accordance with accounting
standard No. 12. £600,000 affiU-
tional provision for depreciation
has been made on operating
properties. In addition £850.000
has been set -aside for share
acquisitions under a new
employee share scheme to be
approved at the annual meeting:
1878 1977

£000 £ mo

Turnover 469.000 387,693

Pre-tax profit - 41.000 24,281

Ta* - : 17.820 fl.225

Minority inrareaiat ... 830 791

Available 22.750 14.2SS

tAnd pie-acquisition profits.

See Lex

• ADVANCES in Bowater Corpora-
tion’s -building products, lumber
furniture, carpets and tissue pro-
ducts activities offset a downturn
in its packaging and inter-
national trading divisions In
1978. Helped by lower interest
the group, more than made up
the £2.2m decline in pre-tax pro-
fit seen at half time to finish the
year £3m higher at £90 m but
sales were' lower at £l.56bn
against £1.72bn.

Paper and. pulp, the company’s
prime source; of revenue, stood
still with a trading surplus of
£65. 9m on sales up from £385m
to £412m.

Overall t trading profit
amounted ttofllLSip (£110,.5m)'
with: a fall frian £67.Un to £B2.1m
in North America, and the UK
holding £35® (£35.3mL Else-
where in Eiin)pe there was', an
improvement ; to £5.7m f£3Bm)
while Australasia was steady ‘at
£5.7m f£5.9m) ax)d there was a.
recovery from £1.8m loss to
£3.3m profit m the Far East and
other areas. . .

DIVIDENDS ANNOUNCED

Bowater 0-77

British Printing 2.4t

Brown Boveri ; 1.2 : .

Cadbury Schweppes ... 2.45
Canon Co. (Bldgs.) ... 2.43
City Ldn. Brew. 3rd int_- 049

De Vere Hotels. 2.97

East Band Cons. — 1.05

Grampian HIdgs • 2.96

Guest Keen p-79

Kraft Productions 0-34

Ladbroke * '4.02

FJC Ltiley ..

London Brick

ML Cotts Gip —

lffiorg. Crucible Sec. int.

Wo. Morrison ...

OCrex — -

Startrite Engrg.

Henry Sykes ...

Taylor Woodrow

Tilbury Contracting

Date ' Corre- Total
Current- of sponding .fir
payment payment div'. . year

Juiy 6
Mair 31'
July 2
July 2. -

May 31
July- 2
June 29

May 26

5.7-
2.1S
1 -
2.09
2.04
0.6
2J66
L05
2.49 ‘
10.06
0.33
4

10.83

3.5

23

3.4'

3-97

5.2

1.05.

4.46

17.38

0,67

7.82

Total.

last

year

9.78

3J.S

1.76
- 3.04

358

2.76

: 455 '
LOS i

359 '
i ' 1556

0.66 '

7:06

1.68 ...

June 4 ■

1.5 - 2:79

2-5' •-

2.19

June 30

1.96 ' ' 3-6

.int -0.66 -

June 4

0.66 — :

S.4&- ""

int. ~ 2.24

July 2 ,

22 \ 5BT

-£3t:r

0.66

0.43* 1

2.39

May 24

1.95* 3.6

. 3.84* : ■

.ink 1.6

May. 23.

1.4 — ■

3.9

..... 2.5

May 21

2.65 . 4

Z3

6.49f

June 30 -

5.62 8-5 -

7.6L •

' ... 16.38

May 31

14.04 2238:

20.04

Mitchell Cotts fall to be

greater than expected

STERLING TRUST

Sterling Trust has announced
that £464,620 5 per cent conver-
tible unsecured loan - stock 1987-
1992 has been purchased and
cancelled.

CreDon passes pref. dividend

CrcIIon Holdings, the electrical
group, for which Mr. Geoffrey
Rose mounted a rescue last year',
is passing the dividend on its
preference shares.

The Board, now under the
chairmanship of Mr. Jpseph
Eiger, cites “accumulated Josses
and the potential loss expected
at the year end ” as the reason.

In mid-February Mr. Rose sold
his holdings in Crellon, including
Am preference shares, and re-
signed from the Board in order
to devote himself to Audiotnmic
Holdings, one of de two other
companies he took on as “com-
pany doctor” last year.

The shares, issued in June 1978
at lOp, were sold for 1 5p to
Anthony Gibbs Investment
Management on behalf of Mr,
Eiger. Yesterday, in the market,
they fell 6p to !2p.

Last night Mr. Rose said that
when he sold the shares in
February he had “no idea that
the dividend would be passed.”

Anthony Gibbs said that it
was not expecting a dividend.
** There were losses at half time
and one couldn’t have expected
a dramatic turnround.”

Six weeks before his resigna-
tion as chairman, Mr. Rose pre-
sented the interim figures far
Crellon which showed losses for
the six months to October of
£109,000 pre-tax.

This compared with a £5,000
profit for the comparable period
but was an improvement on the
£918,000 loss in the second half
of 1977-78.

Presenting the- figures Mr.
Rose said that he expected the
group to make a profit in the

second hair to April, 1979 as
losses in the electrical division
had been halted.

No interim dividend was paid
but a final was to be considered
when the year end figures were
known.

Yesterday Mr. Rose explained
that he had been “pretty well
a non-executive director” at the
time.

When the figures for the half
year and the second half pro-
spects had been discussed in
the boardroom in December be
had been told that the electronic
division was performing well and
that though there were problems
In the electric division these
were “solvable." From the
beginning of November hd had
in any case been virtually a full
time director of Audiotronic.

AS EXPECTED, taxable profits
of Mitchell Cotts Group, en-
gineering, freight, transport,
vehicle distribution concern , fell
in the six months to December
31, 1978. from £4.58m to £2.B7m.
Turnover was just ahead, from
£1 24.7m to £125-2m.

Mr. P. P. Dunkley, chairman,
says the main element in the
profits drop was a lower level of
activity in the field of engineer-
ing projects both in South Africa
and Australia.

And the group was faced with
industrial unrest in the UK and
elsewhere; as well as bad
weather in Europe.

These adverse conditions have
continued into the third quarter,
he adds, and the decline in prn-
fits for the full year “is likelv
to be greater than was expected."

For the whole of the previous
year profits were down from a
reenrd £11.67m to £1054m.

The directors announce an un-
changed interim dividend per 25p
share of 0.85625n net. Last year's
final payment was 2.8p.

small improvement over the first
six months, suggesting a pre-tax
outturn of about £6m (£10-24m).
The company's main appeal is as
an income stock so the directors
will be keen to maintain the
dividend. If so, the prospective
yield is 13.8 per cent at 3Sp.

1978 ’ 1977
£m £m

SsIbs 1,564.0 1,723.0

Trading profit 111.8 UDJ

Depreciation 30.9 32.1

Interest 17.2 205

Centrnf cast* 4.6 3.0

Pre-tax profit 80.0 87.0

Ja* 45.6 48.4

Net profit 44.5 3B.6

Minority interest!*: 8.9 - 8.3

Extraerd. gain .l- O.S 10.7

Attributable ....... 36.1 3Q;2

Prel. dividend ..; 0.3 0.3

Ord. dividend 16.3 14.1

ACT not covered 1.5 —

Retained 18.0 15.8

t (oas.

As a result ot eliminating more
loss-making operations and the
benefits of past^ax losses in some
areas the total tax charge, exclud-
ing £1.5m uncovered ACT this

JIUVUI/ y . . ■ _ • .

Dividends shown pence per share net except .where otherwise stated
•Equivalent after, allowing for scrip issue. + On capital
increased by rights and/er acquisition issues.

; , \S-

time, was less at £45.5m (£48.4m).

Stated earnings per £1 share
were up 1.7p at 23. Bp or, after
the ACT amount up 0.7p at’22.6p.
The Board considers it more
appropriate to treat ACT as an
additional cost of dividends.

Interest amounted 'to £17-2m
(£20.5m) and unallocated cental
costs were up from £3m to £4.5m.

The results include, sales of
£3 7m (£279m) and are after a
£0.4m (£4.9m surplus) attribut-
able to the Kay Corporation of
America iu which the group sold

its 43 per cent controlling interest
early in 1978. ' . • •

An analysis of sales and trading
surplus by activity shows in £ ms;;; -
paper, and pulp £412 (£385) and'
£65.9 (£65.9): • packaging ..

(£132) and £11.9 (H43); building*:
products, lumber, furniture an*
carpets £134 (£102) - and 1S&
(£0.2); tissue products:, h£X43j
I £131) - and £16.8 ( SSlfe . and ;
international trading, transporta-
tion and other activities £736 '
(£973) and £10.4 (£17.1).. . -

See Lex.. •' • :• i «i. '

Ofrex up
25% to

Brown Boveri expands 18%

£4.92m

ANNOUNCEMENT OF NEW PARTNERSHIP

Mr. William W. Brodie, Mr. Hamish N. Buchan and Mr.
Christopher D. Walls will join the partnership of Messrs.
Wood, Mackenzie & Co., Stockbrokers of Edinburgh and
London on 7th April, 1979.

LOCAL AUTHORITY
BONDS

Every Saturday the financial Times
publishes e cable giving derails of
Local Authority Bonds on offer to
the public.

For advertising details please ring
Stephen Cooper
01-248 8000 Extn. 7008

• comment

A shortage of follow-up contracts
In South Africa and Australia
has knocked the stuffing out' of
Mitchell Cotts Group’s first half
results. Sooth .Africa alone
accounts for around 45 per cent
of group profits, so when the 79
per cent-owned subsidiary, in that
eountry reported a 40 per cent
shortfall in the flist six months,
the market was expecting some
poor group figures. In the event,
strikes and bad leather at home
and in Europe added to the
problems, and group profits
dropped by 42 per cent. It is
clearly taking a long time for the
company to get any benefits from
the improvements in ' the
economies where its principal
overseas huscinesses arp based.
At best the outlook is that the
second half will show only a

DESPITE a second half slow-
down in growth, record taxable
profits of £4.92m. against £3.9Sm.
are reported by Ofrex Group for
1978, a rise of 25.2 per cent.
Sales were up 13.8 per cent from
£35 .43m to £ 40.34m.

At the halfway stage profits
were well ahead at £2.46m against
£1.68m, boosted by results from
Howard Wall, acquired on,
November 25, 1077.

Full year’s earnings per 20p
share are given as 13.77p, com-
pared with 10.48p. and a final
dividend of 2.39p effectively
raises the total from 3.04p to
3-6p net; the directors are seek-
ing Treasury consent for a 20
per cent increase.

. After tax £2.64m (£2.11m),
minority interest and pre-acqui-
sition earnings of Howard Wall
last time. £206,000 and dividends,
the retained amount emerged at
£1.68m. against £1.12m.

Ofrex's interests include office
supplies, stationery, educational
supplies and equipment etc.

t narrowing of
ixable profits of
ait, instrument
L rose 18 per
to a record
on a similar
£81. lm.
hat less, says
the chairman,
international
iduced invest-
the process

ELDRIDGE POPE

Eidridge Pope and Co. is re-
deeming the remaining 1935 A
redeemable debenture stock at
£102 per cent on August 1.

DESPITE A sli
trading margins
Brown Boveri ]
manufacturer. <
cent from £6.3;

£7.44m for 1
increase in sales

Orders rose so
Mr. J. G. Vaug!
reflecting inte:
competition and
ment projects
industries. Anothe^. factor was the
deteriorating competitiveness of
UK production {due to the
strength of sterling, he adds.

The company’s ^ound financial
and international ppsition enables
it to look fo the longer term with
confidence, but tlm chairman says
it will be difficult; in the short
term, to maintain the sales and
profits growth achieved in. recent

£ ea w-

At midway profits rose -from
£2.93m to £3.56m and the
directors said they believed their
policies would provide further
increase in the second half.

Full year, earnings are shown,
as 9.47p against MSp per 25p
share, and a final payment of
1.2p lifts the total dividend from
1.7Bp to 2J2p net, costing £1.19m
(£764,000).

After tax, SSAP 15 adjusted, of
£1.88m (11.77m),. minorities

£735,000 (£682,000) and an extra-
ordinary debit of £321,000
(£920,0001, the available balance

emerged at £4.51m, compared
with £2.93 m.

The extraordinary debit com-
prised of exchange translation
changes £245,000 (£920,000) and
capital duty and rights issue
expenses £76,000 (nil).

Profit of subsidiary, Gborga-
Kent, rose from £5.64m to £6.72m
before tax £1.3m (£1^9m) v etc.
Dividends payable to Brown
Boveri lOp (6.47p).

• comment

Sales volume at BBK was up by
around 9 per cent in 1978. The
growth rale was down on 1977
and it looks as though it will
fall again in 1979. With new
capital investment looking .a
little soggy worldwide BBK is
facing increasing competition,
particularly from U.S. firms that

can price in dollars. The resold
is a slowdown in new order •
intake which, while significant, 1 ■
is not- sufficient to check profit
growth ^overall — but it could-,
be small. The shares are tightly!
held with the. parent. Brown.
Boveri of Switzerland controlling
55 per cent and the NEB a’-
further 20 per cent Since the;
schetrii of arrangement- in ; 1974
profits havts grown . rapiffiy r
management is sound and longer',
term prospects for industrial:
instruments, -process control and-'
liquid metering, equipment look.. ,
promising. But a sizeable portion:
of products are exported and -
shifts in competitiveness may hit!
future figures. The shares, .at'fiep,
have a p/e of 6.8 and yield of-
5.1 per cent . This reflects the
short term . prospects fuily,-

h e

Cadbury Schweppes

I Jm r i a x i t r r\ ® ® I

LIMITED

PRELIMINARY ANNOUNCEMENT BY SIR ADRIAN CADBURY, CHAIRMAN

For the 52 weeks ended 30 December 1978

7978

7977

■

Cm

Cm

Group sales

1.012.7

883.6

Group trading profit

62.0

59.4

Investment income

2.7

2.8

Interest payable

64.7

17.1

62^

74.2

Group profit

47.6

48.0

Share of associated companies' profits
less losses

0.6

0.2

Group profit before taxation

48.2

48.2

Taxation

18.5

15.2

29.7

33.0

Profit attributable to minority interests

3.0

3.8

26.7

29.2*

Extraordinary items .

10.5

0.5

Profit attributable to Cadbury Schweppes

Limited

16.2

28.7

Dividends
Preference Stock

0.1

0.1

Interim on Ordinary Stock of 0.95p per unit
(1 977 0.95p)

3.5

3.5

Final on Ordinary Stock of Z44627p per unit ■
proposed (1 977 2.091 43p)

9.0

7.7

12.6

11.3

Profit retained •

3.6

17.4

Earnings per ordinary stock unit of 25p

Nerbasis

7.25p

7.94p

Nil distribution basis

7.63p

8.59p

^ Sales topped £1,000 million - 15 per cent up on the
previous year.

Every major, operation earned higher trading profit,
except Australian Confectionery Division and UK Tea
& Foods Division, whose margins and profits declined.

The trading profit was 4 per cent up and the pre-tax
profit was held.

In UK and USA Schweppes and Cadbury brands im-
proved market shares. Schweppes achieved same goal
in the European and Australian drinks markets.

^ Record sales levels were achieved in USA by main
Peter Paul Cadbury brands.

^ UK divisions raised return on operating assets -one of
stated aims of five-year programme begun in 1 978.

^ Net borrowings were held at £1 5 million above 1977
after absorbing $58 million for the acquisition of
Peter Paul.

^ Year saw major shift in geographical balance of
operations and balance of profit contribution will be
significantly changed in 1 979.

The aim is for a material improvement in group profit
this year, with a greater contribution from North
America.

Extraordinary hems include £9.1 m for rationalisation costs in Canada and the
United Kingdom.

Subject to approval by the Stockholders at the Annual General Meeting the
final dividend wit! be paid on 2 July 1379 to holders of Ordinary Stock
registered at the close of business on 21 May 1 979.

The Annual Report and Accounts, containing the Chairman’s Statement
and a detailed analysis Of the year's trading , will be posted to Stockholders
on 24 April 1979.

:K.

Cadbury Schweppes Limited, 1/10- Connaught Place, London W2 2EX

Manuf acturersbf High Quality Fashionwear

Group Turnover -
Group Profit .
(before taxation)
(after taxation)
Export Turnover
Earnings per Share
Final Dividend (net)
Total DtvidencL(net)

1978

1977

£000

£000

6.439

5842

1.009

1.020

476

490

1529

L42I

852

* 8

1.209p « UOp

2.159p * 1.933p

^adjusted for 1978 Scrip Issue

The Chairman, Mr. F. A. Robson reports:-

• The acquisition of Wyndale Gowns Ltd. of
Leicester a reputable manufacturer of jersey
fashionwear which will supplement output
potential by some 7 Vi%.

• I ft vestment of a further £200,000 in buildings
and finishing plant

• Excellent labour relations; recent strike

action in other industries left us practically
unscathed .

• All factories are fully bookedior the Spring/
Summer season. ' .

• Group properties professionally revalued and
a surplus of £487.000 over book value credited

to reserves.

• Maximum permitted dividend

• Scrip Issue of one for five recommended '
The economic and political uncertainties •'

facing the country render forecasting somewhat

hazardous and I will, therefore, merely state that-

wea^Wlofopt^ism thatLadi^Pridewill
continue to progress in performance and profits.

F. A. ROBSON Chairman/

Grindlays Bank Limited
Interest Rates

Grindlays Bank Limited announce that
their base rateTor lending will change

from 13% to 12% : ’

with effect from 6th April, 1919

The interest rates paid on call deposits will be:—
call deposits of £1,000 and oveir 9^% :

(call deposits of £3O0-£999 8J %)

will, be quoted on request.

Gnndlays
Baric
Limited

Head Office: 23 Feacharcfa Sinai, LoqdooEC^> 3E3>3^- M-636 0545

•* * K * . ..

** k

6

NEWS

sales at £lbn

Grampian Hldgs.
stages recovery

‘Mi

■>:Ut

0 ^
•^S-jSa

: • ■■ 'Sinir;'

_. " - I.h<; ;r

• -: i

See Lfx“

TAXABLE T*R»FnS of Cadinay 1
Schweppes were : iuwha»ged at
£4S.2m for JS7S on sales up by
15 -per ; cent '-from -£883.6m- to
fl.Olbru-- : : • . ;■• •.-

Sir Adrian Cadbury; the chair:
man, says there wiH be a signifi-
cant- change in the .' balance of
profit contribution, in the current
year. '.The company is aiming 1
for a material improvement.'in '
profit with a greater contribution
than before from North America.

He says that qvery major-
operation : earned; a' ‘ higher
trading' profit. ';«rcept . . the
Australian confectionery division
and -the OK tea and foods side.

At. the interim stage the
-directors reported ’ : virtually
unchanged profits of £18Bm
agaijnsrf 18.7m on sales of £440 m
(£400m> and said . that given a
continuation of the latest- sales
trends they expected results for
the full year, to show an improve-,
meat over those for 1977:

The company . ba& r a five year
programme to build on its estate
lished position in the North
Araerican'iharltef and to improve
its return on .assets in the -UK.

Sir Adrian states that the UK
divisions raised their return on
operating assets and there was a
major Shift in the geographical
balance of- operations .. during
1973.

: Concentration' on major -brands .
began, to show returns with beth
Schweppes and : ' . : Cadbury
improving their UlC audU-S.
market shares .and Schweppes

BOARD MEETINGS

'The following companies have notified
dams, of board niuKSngx to tbe Stock
Exchariga'1 ' '£uch 'meetings ere usually
hsfd for the purpose of considering
dividends. Official indications tm not
available as to whether dividends era
-interims' or finals and the sub- divisions
shown below am based . mainly -on lest
yen's timetable.

• TODAY .; •

Interims: — Madralnsrarv Rehanco Pro-
perties;- ”W" Ribbons-
Finals: — Brooks _ Walton, . E«*fcd.
Firmin, Caskell fBaeup).. -K Miller
(Textiles). Pearl Assurance, , Scottish
Television. Uni torn Industries, United
Capitals Investmrmt Tract, E- UpWO-
FUTURE DATES-

Anglo Sconish Investment Trust' Apr. 25

Ballway '-Apr. If

Bryan! Holdings .Apr. 9

Sun Ufa ....... -... Apr. 18

Rnstor—

Bootey-and ifawkes Apr. 11

Brown and Jackson ... Apr- 12

Clarke. Nlclcolls and Coombe ... Apr. VI

Xeaiatr Apr. 77

London end Halyrood Trust ... Apt- 19

London and Northern May- 9

London' and Provincial Trait '..'.'Apr. 18

Miller f Stanley) Aj*i*.'11

Rhodesian Corp. — — ... Apr, 10

Richarde' (Leicester) Apt. -9

Hu be raid ...... Apr. 10

Sanderson Keysar . Apr. 11

Tarmac - Apr- 27

- Weeks Associates — — 1M*7 10

tAmended.

doing the same in the -drinks
markets of Europe' - aqd
Australia.

He adds that the main Peter
Paul Cadbury^ brands— Peter
Paul having been acquired in
April 1978— sold at record lefreb.

Earnings per 25p sharew are

shows as 7J25p (7.94p) on a net
basis and 7.83p (Sfifip) on a nil
distribution basis- and the
dividend is stepped up to

1978

1B77

£m

Salas

... 1.CM2.7

883.6

Trading profit

62.0

59.4

Investment income

3.7

Internal payable ■ ...

17.1

14-2

Share of aasoos. ...

0.5

0.2

Profit baton tax ...

48.2

48.2

Taxation

18.5

15.2

Net profit

29.7

33.0

Minority interests ...

3.0

3.6

extraordinary debits

... 110.5

0J5

Attributable

16.2

28.7

f Includes £9.1 m

for rationalisation

costa in Canada and

UK.

See Tex

Sedgwick Forbes

Good progress is being made
on the link up of Britain’s largest
insurance broking group, Sedg-
wick Forbes Bland Payne with
Alexander and Alexander, a
major U.S. insurance broker.
This augurs well for ihe success
of the operation Mr. Neil Mills,
Sedgwick’s chairman told share-
holders at yesterday's annual
general meeting.

Sedgwick Forbes is intending
to co-ordinate its insurance busi-
ness with the U.S. broker in a
pooling arrangement.

Mr. Mills said it was too early
to comment on the planned link-
up or judge what influence other
realignments between UK and
TJ.S. insurance brokers would
have on the business.

A STRUNG second-half recovery
was staged, by Grampian Hold-
ings. The group lifted taxable
profits by' 20 per cent from
£I.46m to £1.77m in 1978 after
trailing at £756,000, against
£l.l4m at the halfway stage.

At midway the Board said that
third quarter trading had
improved and a recovery was
expected.

In the full -year the industrial
services side, led by the trans-
port group, pushed up taxable
profits from £219,000 to fl.Olm.
The printing and publishing
sector continued its recovery to
finish ahead - from £105,000 to
£292,000.

But the consumer goods divi-
sion saw profits slide from
£1.43m to £828,000.

An extraordinary item Of
£909,000 includes £600.000 for the
disposal of Grampian Furniture
which was sold to Goodtxade
Supermarkets In February.

Tax for the year of £151,000
(£4.000) has been calculated on
an SSAP 15 basis. There is an
exceptional credit of £800,000
this time for deferred tax
liability. It arises from a
reassessment of the probable tax
liability for the previous year.

A final dividend of 2.95 75 p net
per 25p share lifts the total from
3.9925p to 4.4575p. Stated earn-
ings per share are ahead from

Wm. Morrison ahead by 26.4%

18%

■■ T

FOLLOWING A rise from. £L25m
to £1.52m at mid-year, Wm.
Morrison Supermarkets; ended
the 53 weeks to Febrodry/3, 1979
with pre-tax profits tip 26:41 per
cent to a record £3.6 7m, against
£2.S2m for the' -previous year.
Sajes advanced, over 32 per cent
tofimim. L

• r . At ~ the trading, levk. profits
- * T. z - were up 26Aper cent to £4.96ia.

. The ..acquisition ..of- Whelans
" . c ! Discount \ Stores , " .contributed

£11.37ra/of : safes ahdT £136*000 of
s; profits, and further substantial
- : ■?: c-r. - progress is ' anticipated in pie
‘ '* “:se : current year. *'*. .

. . . ■ Results d |> not ' include extra-

ordinary dehits- 1 amounting. to,
£530,000 associated- with ' .the',
•- Whelans acquisition. -

_ -• After - tax credit.of -£J.76,960

‘ . : : -r (£823,000 -chargel,' earnings- ; per

10p share are given ‘*rel*> ahead

. . at-. 16.2p . - (8.66p)l ‘ Treasury

. ... , . - - approval: . has ' been -^iyen . - to

y - effectively lift the, dividend total
• ' i by 33 per cent from 0.752p to Ip
" • - net, with, a 0.657 jv final ' • TTiree-

— — dircctors~-bavfl -waived, pa ym e nt s

- - ,-tar . -■ '.trimiyi-.': ,* • ■ ~ ■

totalling £68,913 in the enrrent ing for the extra week the pre-
year. lax figure is a fifth higher.

The directors report that new Volume growth was around five
stores at lace, Hairogate and per cent from existing stores and
‘ Darlington are currently ijeing further gains nre likely this
built and an 1 extension to the year through the big improve-
Halifax storfe will commence ment should come from Whelans
shortly. - Other developments are where Morrison is talking of
at an advanced stags of -negotla- sales approaching £1.6m this

. 1 ,'Oir thi,

Turnover

Profits baton tax

Industrial services...
Consumer goods ...
Printing/publishing .
Parent co. eitpg. ...
Associated losses ...

Tax

Exceptional credit

Profit after tan and
exceptional credit ...
Pra-ncquisition and

minorities

Extraordinary debits . .

t Profit.

1978

COOO

66.520

1.765

1.007

828

292

343

19

151

800

2.414 1,460

1977

COOO

64.793

1AM

213

1,431

105

339

t48

4

67

909

13-3&P to 15.B8p. If the excep-
tional item Is included, this
year’s stated earnings are up to
23.76p.

The group's interests include
construction, transport and plant
hire, light engineering and print-
ing.

Following a property revalua-
tion at June 30, 1978, £10,000 has
been provided for the first time
for property depreciation.

• comment

Elimination of losses in the
English section of North Sea Gas
Services and Utilities in 1977 was
probably worth around £200,000
or much of the 20 per cent pre-
tax profit improvement last year
but, as Grampian enters the final
stage of its rationalisation pro-
gramme, there will be further
benefits from recent closures.
Loss elimination at the amplifica-
tion equipment hire subsidiaries,
may be worth another £200,000
in a full year and the sale of the
furniture division will be worth
£319,000. The transport division
was almost entirely responsible
for jump in Industrial services’
trading profits but the January-
Febrnary strike cost about
£250,000 at die pre-tax level
which may take until the end of
the year to recover. The Mitre
Sports operation is expected to
wipe out losses of £100.000 and
turn in a positive contribution
this time but the shares, up 3p
to 66p yesterday, must now be
looking ahead to tbe final, and
ultimately more difficult,
elements of rationalisation for
which Grampian has already pro-
vided £400,000 below the line. In
the meantime, tbe 3.5 times
covered dividend yields 10.6 per
cent and the fully taxed p/e is
8 . 2 .

.. tiojl.-. . . .

Sales .:

Trading profit
Depreciation' ..

Rent receivable

-Interest

Profit before tax
Tex cradft-

Net profit

tCharge.

The company has ch
accounting policies, in

year, and as this acquisition
'53 , . v 52 added some 20 per cent to
TanKa • Smi Morrison’s selling area there
moo •' ~ fooo fouJd be a 301 mor e to come.
113,213 85,689 This year group sales could
-'a?? re* 1 * £135m and with some
1 'tsi •• in improvement in the gToss
186' ■- 304 margin pre-tax profits could be
around £4Am despite a jump in
3 * /Jgs interest costs which seem3 likely

with the. current store opening
hits programme. In 197S the shares
tidn were one of the best performers

Second half fall leaves
Henry Sykes £0.5m off

to the provision for depreciation in the food retailing sector and
On freehold buildings and$4ong to date this year they have

;s, - jumped 45 per cent. Now at
'of 139p, with a yield of one per cent
and p/e of S.5 or 18.7 fully iaxed,
they look on the expensive side
though the substantial cover
Morrison continues to yjJdsb. gives scope for a much higher
ahead 'and": even stripping -iijittt dividend should the rules be
profits fromrWheians- and a^j agt - r changed. ' '

Tease.* viand - and b
together 1 with ' the reli
deferred tex account

# comment

TAXABLE profits of Henry
Svkes, pump maker, fell from
£957,000 to £555.000 in the second
half leaving the figure for the
53 weeks ended December 31
1978 behind at £1.57m against a
previous £2.0Sm.

Sales for the full period were
virtually unchanged at £19.87m
against £19. 94m.

After tax of £581.000
f £417, 000) earnings are shown as
11. 5p fl».4p) per 25p share and
the dividend is increased from
&2p to 4p net with a final of 2.5p
as forecast

The company has changed its
policy on deferred tax and now
only- provides for those timing

21

Prict

Jd.lv r^srje.:*-

*Y

V. T - • " - ‘

- *• - ' ■

.nkU"* 11

pates ^

10 ' jO' J

1 i'IL’

v I- y.*

,» ;

jid® 5

>, :

^ V

Re-Election of
Lonrho Directors

RESULTS OF SHAREHOLDERS’ POLL

T^ie result of the Lonrho shareholders" poll held on 4th April
1979 on the reflection, of Directors arising from the Annual
General Meeting: on 8th March 1979, was announced today.

The attempt: by Gulf Fisheries of Kuwait and Sheikh Nasser
■ Al-Sabah to. secure the election on to the Board of two nominees
of their own was overwhelmingly defeated.

Out of a total- issued capital of 189 million shares, 144 million
were , voted— a poll of7 6. 1 %

THE VOTING WAS APPROXIMATELY
V-- " AS FOLLOWS : —

In favour of the re-election of Mr.' Paul Spicer and Mr. Philip
Tarsh as recommended: by the Board, 97.5 million.

Against their re-election, 46.3 . million.

■Giilf Fisheries of J Kuwait and thefr Associates own about 44
millibn shares ; -and the votes cast against included a single share-
holding of some 2 million owned by a large investor associated
with Sheikh Nasser's advisors.

The result thus demonstrates, once again, the
solid confidence of Lonrho’s diareholders in

their Board.

. . The scrutineers ol the poll were Peat. Marwick, aiiichelt and Co:, and Mann Judd.

differences which are not
expected to continue in the fore-
seeable future.

Comparatives have been re-
stated and the provision no
longer required, amounting to
£2L34m, has been added to
reserves.

There was an extraordinary
debit of £55.000 <£137.000) for
the period and after dividends
the balance of £585,000 (£l-25m)
was retained.

• comment

Sykes has disappointed the mer-
ket in its first full year as a
quoted ccompan y. After being
down i marginally at halfway,
full-year profits show a shortfall
of 25 per cent and the shares
slipped 7p to SOp yesterday
where .the p/e is 6.7 and the
yield 7.7 per cent Sykes was hit
by a number of factors during
1978. In the UK. there was little
support for pump sales from the
depressed construction industry
while the drier weather (rain-
fall was down by more than a
third in England and Wales in
the second half) reduced profits
in the .pump hire business.
Overseas, the important Middle
East and Nigerian economies,
have been slowing down. There
have also been heavy start-up
costs to bear with the new range
of pumps. Sykes is pinning most
of its hopes for the current year
on this new range. Overall the
shares do not look expensive.

Midway rise
for Startrite
Engineering

An increase in pre-tax profits,
from £214,440 to £240,370, is re-
ported by Startrite Engineering
Group for the half-year to De-
cember 3L 1978. Turnover ad-
vanced from £2.07m to £2 .56m.

The directors say the second
half has already been adversely
affected by external industrial
difficulties, and export ordering
levels are being impaired by the
strengthening of. sterling.

But they expect the final result
to compare favourably with the
previous year, when taxable pro-
fits were £635,718.

After tax of £134,000
(£120,500) . net profit came
through at £106,370, against
£93,940. The net interim divi-
dend is lifted from i.4p to 1.6p,
and costs £24,000 (£21,0001— last
year’s total was 3.892 p.

( BANK OF SCOTLAND

Base Rate

The Bank of Scotland intimates
that, as from 6th April, 1979
and until further notice, its
Base Rate will he reduced from
13% per annum to 12% per
annum.

LONDON OFFICES— DEPOSITS

The rate of interest on sums lodged for a minimum

period of 7 days will be 9%

also with effect from 6th April 1979

TSB BASE RATE

With effect from the close of business
on Friday 6th April 1979
and until further notice TSB Base Rate
will be 12% per annum.

TRUSTEE SAVINGS BANKS

Central Board,

P.O. Box 33, 3 CopthaU Avenue, LondonEC2P2AB.

To: Holders of 5% Guaranteed (Subordinated) Convertible
Debentures Due 1989 (the “Debentures" of Reliance
International N.V. (formerly Leasco International N.V.)

Dear Debenturehotder:

On May 14; 1979, Reliance Group, Incorporated (“Reliance”) Intends to distribute to
the holders of record of its Common Stock (the “Reliance Common Stock") as of April
23, 1979 (the “Record Date"), one share of the Common Stock of Leasco Corporation
(the “Leasco Common Stock") for every six shares of thefleliance Common Stock
held by such stockholder on the Record Date. Leasco Corporation is a newly-formed
Delaware corporation to which Reliance has transferred the Common Stock of Leasco
Europa Ltd. (“Leasco Europa") and certain assets of Leasco Capital Equipment
Corporation (“Leasco Capital”). Leasco Europa and Leasco Capital were the two
subsidiaries of Reliance in the computer leasing business which, it is proposed, wifi be
carried on by Leasco Corporation through its subsidiaries.

The transfer of such assets to Leasco Corporation and the distribution of the Leasco
Common Stock to the holders of Reliance Common Stock is more fully described in
the Prospectus of Leasco Corporation, copies of which are available at its offices at
919 Third Avenue, New York, New York 10022.

As a holder of the Debentures you a re "not entitled to participate in this distribution,
unless and to the extent that you convert your Debentures into Reliance Common
Stockso as to become a holder of record of Reliance Common Stock on the Record
Date.

The Debentures may be converted into Reliance Common Stock at the price of $62.00
per share of Reliance Common Stock. The closing price, as reported in consolidated
transactions, for the Reliance Common Stock was §40% on March 29, 1979. • ■

Sincerely, . .

. WESTERN - MINING CORPORATION LIMITED

To the Holders of: : .

VS. $13,000,000 9f f>fer cent Notes 1982 (the “Notes”) .

and

U.SJ£50,000,0008 per cent Bonds 1992 (the “Bonds”)

The Board of Directors of Western Mining Corporation Limited (toe "Corporation")
a nn ou n ces that it intends to proceed with a corporate restructuring under which the Cor-
porations's wholly owned subsidiary Westrmner-lnvestments Pty. Limited (the "Holding'
Company**) will be converted to a public company and become the holding company of the
Corporation, and its subsidiaries. His proposed, with the concurrence of The LawDebenture

The Boards of Directors of the Corporation and the Holding Company are identical and
the name of the Holding Oompsrty will be changed to WestemMining CoipoiationHolctiDgs
Limited.

The proposed restructuring is to be implemented by a Scheme of Arrangement subject to
the approval of sharehold e rs and major creditors of the Corporation and subject lo the
'. of the Supreme Court of the State of Victoria, Australia. The effect erf the Scheme

. be the substitution of shares in the Holding Company for shares in the Corporation.
The Corporation will continue to be the principal operating company within the group.

In the opinion of tire Board of fire Corporation the restmclnriiig will allow income from all
sources to to e_br ought to account to the best advantage of the group, similar restructuring
has been carried out by several other large Australian minin g companies in recentyears.

It is expected that the restructuring will become effective in November, 1979. Further
notice as lo the implementation of the Scheme will be given in due course to holders of the
Notes and the Bonds.

DATED 6th April, 1979

WESTERN MINING CORPORATION LIMITED

London Wi.

Luxury Furnished
Apartments

Crcengarden House, St. Christopher’s Place in quiet,
picturesque, pedestrianised area near Oxford Street.
PuIJy-equipped apartments with maid service;

for detail of iimilobiiltvaod charges tan tact i

Greengarden Investments limited

Greengarden House, St Christophers Mace, London W1M5HD
Tel: 01-486 277 « (from May 197901-4868361)

I FOOD PRICE MOVEMENTS I

1

April 5

Week ago

Month ago I

8 *

£

£

£ I

I BACON fl

Danish A.1 per ton ...

1,090-

1,090

1,140

British A.l'per ton ...

1,035

1,035

1,065

Irish Special per ton...

—

1.065

Ulster A.1 per ton? ...

1-035

1,035

1,065

1 BUTTER 1

NZ per 20 kg

14.il/14JJ4

14.1V14.24

14.il/14J24

English per cwtt

81.65

81.65

8L65

Danish salted per cwtf

8S.10/85.S5

S3J.Q/85J85

83.10/85.85

CHEESE?

NZ per tonne '.

1,255

English cheddar trade

1,455

oer tarnie

—

— .

1 EGGS* f

1 Home produced: 1

Size 4

3.15/3.40

3.10/3.40

3.40/3.60

Size 2

3.40/3.60

3.30/3.60

3.60/3.80

April 5

Week ago

Month ago

P

P

P

1 BEEF 1

Scottish killed sides

. -

ex-KKCF

54.0/58.0

54.0/58,0

54.0/59.0

Eire forequarters . .
LAMB

English

34.0/37.0

34.0/38.0

39.0/42.0

90.0/96.0

60.0/74.0

58.0/64.0

NZ PLs/PMs

49.0/49.5

47.5/49.0

48.0/49.0 j

II PORK I

All weights

34.0/45.0

34.0/45.0

34-0/45.0

POULTRY

Oven-ready chickens...

38.0/39.0

37.5/39.0

37.0/38 J5

.‘London Egg Exchange price per 120 eggs.

t Delivered-

t Unavailable, f For delivery April 7-14.

♦ .*,* * *;

Financial Times Friday April 6 1979 - ■ j

Companies and Markets

UK COMPANY NEWS

London Brick Second half standstill

rise

leaves BPC 23% ahead up in

"WITH AN advance from £6.5 6m
to £7.3?m in the second half,
197S taxable profits of London
Brick, Company moved ahead
frbvn"'£i2.17m "to £14. 09m, on
turiKPw some £20m higher at
£lU-3ih;.-. -

,Tax. .takes £4-99 m (£4. 63ml and
aiter'.ahl- extraordinary debit of
£0.26nf ‘■this time, attributable
pKHfts’ ^creased -by £X.3m to

K 4m - . - - •

A. ; -final,, dividend of 2.19023p
nel t . steps up the total from
3.257 Ip to . 3.60393p per 25p
share'. : Payments absorb £2. 18m
(£1.94mj. leaving profits retained
at £6.87ffn against £5 .6m.

The , group is mainly engaged
in the production and sale of
bricks; building, partition and
floor blocks; field drain pipes
and other clay products.

• 197B 1977

, £000 £000

Turnovar . 111,300- 91.354

Trading .profit 17.270 14,537

Depreciation 2.121 1.590

truer asc paid 1-.2Q2 ■ 1.015

Investmant inp'pme ... 377 492

Share ol assets'. losses ' 229 10

Profit More tax. 14.095 12.174

Ta* ' 4.989 4,634

Net profit . 9,106 7,540

Extreord. debit 264 —

Attributable' ' 8,042 -7340

Dividends . 2.170 1,942

Retained 6,668 5.598

• comment

Having been. 20 per cent higher
ia the first half, London Brick’s
growth slowed down and for the
full year profits are only 16 per
cent up. Problems in Iran,
Nigeria and Abu Dhabi hit the
contribution from associates
which moved into a loss, and led
to a. £0.26 in extraordinary item
bfataW the line. London Brick's
1100-013/ interests (just under a
third of total profits! did not do
particularly well either, so it was
up to ' the group’s traditional
brick operations to make the
running. The increase in private
house building clearly helped
(they use more bricks than pub-
lic sector housing) and brick

deliveries rose by 13 per cent
during the year. Given that the
group had the benefit of a near
10 per cent price . increase last
June the improvement in the
group's total profits does not look
very impressive. -..'The 1 shares
closed 2p lower at- 74p where
they yield 7.3 per cent.

LWT at
£3.34m in
first half

AFTER reduced Exchequer Levy
of £3-67m compared with £4.07 a,
taxable profits of LWT (Hold-
ings), independent television'
programme contractor, were
£3^4m in the 26. weeks to
January 21, 1979,. against £3.48m
previously -

Turnover of £31m (£20. 12m)
includes for the first time the
£6.66m sales of Hutchinson for
the six months to.Pecember 31.

Mr.' John' Freeman, chairman,
says television advertising
revenue is some 20 - per cent
higher. He adds that the last
half-year results were excep-
tional and included £157,000
capital profit

He says that in the last annual
report he suggested current year
profits would not show a signifi-
cant increase on the £6 -51m
previously. The high level of
television programme expendi-
ture continues as planned, and
the directors confirm that there
is likely to be no change in this
prediction, he adds.

Tax for the half-year took
£1.74m (SLSUn). The net
interim dividend is raised from
3.555p to 3.9105P and costs
£632,000 (£574,000)— last year's
total payment was 9.282p.

De Vere up 44% and
makes good start

COMPARED ’ 'WITH' - the first
Half, jump of 210 per cent

S 'ofits growth at British Print-
s' Corporation came to a
virtual standstill ia the second
six month with an improvement
of only 2.8 per cent
• This has left the total for the
year ended December 30, 1878,
23.7 per cent ahead at £7.12m
which was achieved after
absorbing heavier than expected
trading losses of £1 -Sat against
£0.8m at Sun Printers.

Mr. Peter Robinson, chairman,
reports that 1979 has started
badly due to loss of sales during
the lorry drivers’ dispute and
the temporary suspension of the
Sunday Times colour magazine.
Interim results wtil therefore
be depressed, he warns.

The chairman explains that
the higher- than- expected loss ■
from Sun Printers was princi-
pally due to industrial disputes
at two major customers- This
company has been successful in
obtaining another major con-
tract and additional sales for the
equipment installed in Septem-
ber, 1978; the group still aims
to reach the break-even point by
1980.

Mr. Robinson explains that
the second half pre-tax . profit
was over double that of the first
six months and that in 1979 this
swing will become further pro-
nounced. This follows a change
in company law in Sweden
which has meant .an alteration
in the accounting dates of the
Swedish company’s subsidiaries
in Denmark and Norway.

The profit before tax' was
struck after redundancy pay-
ments of £380,000. After all
charges including extraordinary
items of £762,000 (£1.49m) and
taking in exchange gains of
£472.000 (£313,000 losses), the
year’s net belanee comes through
at £4JJ5m. -against . £L62m.
Earnings per 25p share are
stated at 13.2p (10.5p>-
'- As indicated at the time of
the rights issue in September,

1978, the final -dividend is
increased from 2.1825p to 2.4p
net on the higher capital. Ibis
raises the total from 3.l825p to
3.5p.

• comment

Only one of British Printing's
three main operating divisions
was in line with industry trends.
Its packaging activities were
slightly down in 1978, reflecting
the fortunes of most of the sector
because of pressure on margins.
The biggest profit earner is print-
ing and here, despite a £1.8m loss
at Sun Printing, the trading figure
is 58 per cent up. Higher pro-
ductivity following investment
in new equipment helped and
there was also strong demand
from the advertising industry for
label 5 and printed cartons. Book
Publishing earnings are only
marginally higher despite a good
increase in book sales in. the UK
as a whole. BPC did enjoy some
benefit but the profit was held
back by a halving in the
Japanese subsidiary's contribu-
tion. Prospects for the first half
of 1979 are not bright but. with
more than 60 per cent of profits
now coming in the second half,
there may be a further slight
improvement The shares, at 58}p
are. on a p/e of i3 and a yield of
9.3 per cent.

Taylor
Woodrow
on target

IN LINE with the forecast of not
less than £23m made at the time
of February's £18m rights issue,
pre-tax profits of Taylor Wood-
row, the engineering, construc-
and development group, improved
to £23D8m for 1978, compared
with £22-42m a year earlier.
Turnover was virtually un-

changed at £393m-
Stated yearly net earnings per
25p share were 4.6p higher at
46.6p, while as forecast in Febru-
ary, a final dividend of 6.4853p
net raises the total payment from
7.6029p to the maximum per-
mitted 8.4953p. Payments for this
year of not less than 12»74p were
also projected.

1978 1977

£000 £000

Turnover 393,000 392,000

Trading end inv. inc. 32,750 27.640

Depreciation - 9,775 7.319

Share of assocs. profit 1,001 2,099

Profit before tax 23,976 22.420

Tex 12.078 11.296

Net profit 11,898 11,124

Minorities 1.002 1.386

Extreord. debits -963 1.477

Available 9,913 8,261

Dividends 1,990 1.772

Retained - 7,923 6,489

A professional revaluation of
the group's properties on an open
market basis as at December 31,
1978 revealed a surplus £26- 02m,
after minorities, which has been
put to reserves.

'• comment

Taylor Woodrow’s £23m profit

forecast, brought out with its
rights issue in February, was of
necessity conservative and the
actual result is a tactful £lm
higher. This year should see
some improvement as the two
major Middle East contracts
are completed, while property
income should rise and UK con-
tracting contribute more. TW
is also looking for higher earn-
ings from the U.S n although the
real upswing may not come
before 1980. An attributable
income figure of £13.6m — imply-
ing pretax profits of nearly
£30m — will be needed if there
is to be no dilution in earnings
per share this year; and this
may be a little ambitious. Mean-
while the shares have returned
to above their pre-rights issue
level although contractors as a
whole have not performed
better than the market on the
recent upward leg. At 392p, up
9p yesterday, the , prospective
yield is 4.9 per cent

A YEAR of swings and round-
abouts : which ended disappoint-
ingly is reported by Mr. Ian
Weston' Smith, chairman of
Morgan Crucible Company.

Taxable profits for 1978 edged
up from £ll.94m to ££2£7m op.
sales ahead from £89 .25m to
£10l02m. Eat Mr. Weston Smith
points oat that in real terms the
surplus way lower.

He adds .that there are signs of
an improvement in world iron
and steel -industries, and in some
continental markets and in
Australia. ‘Improved prospects
were forecast at the nine-month
stage when taxable profits were
static at £9.28m.

There w&S an extraordinary
debit of £l£tin (£202.000) which

included' fitlim provision foe
the fire .. which substantially
destroyed 1 the Triton ceramic
fibre factory, in Liege, ■ Belgium,
.last April. ,-.

Fart of the cost of the fire
has been Absorbed in trading

profit The company says the inj-
su ranee cl aim has been rejected
toy insurers, and legal proceed-
ings are being taken against
them in Belgium. .. _

■ Tax for the year takes £4.o«m,
against £3.4Sm, and minorities-
and preference dividends
£302,000 (£261,000), leavingAttrl-
butable earnings down at £7- 32m ,
against £K2m. After the extra-
ordinary debits, net attributable
profits are further .down at
£ 5 . 92 m, against £7-99m.

' Shareholders are to get a
second interim dividend of
2.237p net per U5p share which
lifts the total from 5J31p to 5B9p.
Stated earnings per share are
down slightly at 17.6p against
19-SP-

The group supplies sophisti-
cated components and .materials
to industries throughout the
world. • _

• comment ~

Profits, from Morgan .Crucible-
may have fallen in real terms

during 1978 but the group is now-
seeing signs. .of an improvement
in some of its major markets.
The final quarter: enjoyed . a
9.5 per cent pre-tax improvement
after a broadly-flat perform ance
in the first nine months ’aad; the
overall result, would have* been
at least'£5Q0,000 higher badrttfabt
been* for consequential cbsbrpf
the Belgian ceramic fibre-plant
fire which were taken abeytii^
line. Results from, the carbon
division givesminctication<^the
gro up's relative independence of
the UK automotive market where
it supplies carbon bruahes^god
the process difficulties aj
Morganite Crucible, .which, fceftf
back the contribution frontthe
Thermic division, are how^jfl
to he easing. The p/e -of Aftfiga'
stated earnings mi^’ mot:
ing very much if, as nfawngoSci-
pated, world iron add fcfeta-oj-
dustries are starting a recovery.
The shares climbed 2p7’&"3fflp
yesterday where the yield” i* '
7.4 per cent "■-C-"-

Loiter construction profit
peg! Tilbury advance

ALTHOUGH VHIT by a induced
contribution from its construc-
tion side; higher profits from
other UK. Activities enabled
Tilbury distracting Group to
expand taxable surplus from
£2. 11m to £2A9m for 1973 , --with
£944,000. * against.. £881,000,
coming in thes-first half. Full
year turnovefirose by- £10. 36m
to £45.25m.

The directors say reduced
margins on -construction work
reflected the continuing highly
competitive chfiditions In: that
field. f

Weather coimitions in the
opening moirtiH of 1979 have

TAXABLE PROFITS o£ De
Vere Hotels and Restaurants
Tose more than 44 per cent from
£1.52m to a record £2J21m in
X97S, on higher turnover of
£1$.22 tn, against £16.09m.

At halfway, when profits were
up from £0.77 m to £L05m, the
directors said the favourable
trend should continue for the
remainder of 4he year.

They now state that the
current year’s trading has got
off to a good start.

Tax for the year took £L06m
(£0.78m). The net total dividend
is raised from 4.6529p per 25p
share to a maximum permitted
5.1956p, with a 2.9662p final Mr.
Leopold Muller, chairman, has
again waived his entitlement on
5.44m shares.

The directors valued the
group’s properties and contents
at December 31, 1978, on the
basis of their open market value
for the purpose for which they
were being used at that date,
at £33.93m— the group revalua-
tion surplus of £11 .37m has been
credited to capital reserves.

As previously, no depreciation -
is provided on freehold -build-
ings and leaseholds which have
unexpired terms of more than
24 years.

1978 1877

£ £

Turootfor 18,215.371 15,088,520

Trading surplus ... 4.010,820 3.138,158
Auditors' remun. . 15,000 15.000

Directors’ stnol. ... 822282 69,83 0

Depredation end

amortisation ... . 65,072 53,137

interest payable . 78.148 133,910

Repairs and mwls. 1,565.296 1.343.552
Profit before tax . 2.205.022 1.522329

Tax 1,061,482 745, 1 T4

Net profit 1.143,540 777,815

Extreord. credit ... 151.805 *41,174

Available 1,305.345 736,641

Dividends 319,727 268.705

Leaving 985.618 467,936

To capital reserve 11,805 +41.174

Brought forward ... 4,222.299 3,713,189
Retained 5,198.112 4.222.299

* Debit, t From capital reserve.

•. comment

The quinquennial revaluation
offers yet more reasons why De
Vere is constantly regarded as a
tempting takeover target. Taking
in cash and near cash of around
£3m, assets are now worth about
350p per share against yesterday's
price of 232p, up 7p. The 44 per
cent rise in pre-tax profits
stemmed from the benefits of
refurbishment, a 12 J per cent
tariff increase and a 4-5 per cent

improvement in occupancy rates
which, since the group was com-
fortably over break even point,
came straight through to profits.
.The renovation programme is
probably over, bathrooms are now
installed in almost every bedroom
but a similar tariff rise is
imminent and the nil geared
balance sheet will support sig-
nificant acquisitions on the South
Coast and in the West Midlands
where the group is already
established. On a 23 J. .p/e the
share price already takes in a
very high speculative element Wit
in view of De Vere's assets,
trading prospects and the daunt-
ing cost of new hotel construc-
tion, such enthusiasm may not be
entirely misplaced. The yield is
3.4 per cent.

F. Lilley
advances
to £4.2m

A SECOND hadf Increase to
£2.46m against £1.74m lifted tax-
able profits of F. J. C. Lilley;
civil engineering and public
works contractors, from £3. 11m
to a record £&22m for the year
ended January 31, 1979.

At halfway the directors said
that the present level of order
book ensured a satisfactory per-
formance in the second half.

They now report turnover up
from £54.57m to £65.5m for the
year but say the availability of
work at home and ahroad at
acceptable prices is still limited
and not least because of the un-
certain economic and political
climate in the UK and in the
Middle East

In this situation they feel the
order hook is satisfactory.

After tax for the year of £2. 06m
compared with £l.5m previously,
earnings are shown as 12.96p
(10-SSp) per 25p share. The
dividend is stepped up from 2fip
to 2.7917p net the maximum
allowed, with a final payment of
1.675p.

Pre-tax figure was struck after
depreciation of £2.06m (£1.62m).
and included interest received
£287,000 (£6,000).

Lex Service aiming to expand
into U.S. vehicle parts market

had an advers
group returns,
construction' c
hand is well ai
and further pn

^effect on early
However, in the
Ksion work in
sad of last year,
less Is expected

iu the other divisions this year.

The 1978
by dividends

It was boosted
£ time from the

The first major U.S. move by
Lex Service Group is likely to
be into the multi-mlllion-dollar
American parts market for cars
and trucks.

The group is looking for a
private company with $60-S0m
turnover which could involve it
in an outlay of between £7m and
£Bm.

Any major -bid move in the
U.S. would be financed by long-
term dollar borrowings, said
chairman Mr. Trevor Cfiinn,

He says in his annual report
that the group is turning over-
seas in its search for growth.

He adds that the motor vehicle
distributor and hotelier group is
looking in particular at the U.S.
where, through its hotels, it
already has a major investment.
A project management team,
based in New York, is studying
potential business areas -related
to the group’s activities, such as
industrial distribution.

The object is to generate a
substantial part of profits from
overseas.

Over the past year the group
had achieved a M considerable
improvement " in. its balance
sheet, says Mr. Chinn.

It extended the maturities of
its medium end long-term debt,
reducing payments in the earlier

years, as a result 88 per cent
(38 per cent) of total debt is
now long-term with 78 per cent
(28 per cent) not due for repay-
ment within the next six years.

The group’s annual report
shows former director Mr. John
Hirsch received £50,000 as com-
pensation for loss of office.

The report also discloses a big
salary increase for the chairman
—from £42,305 to £54,472. Mr.
Chinn said this was his first
increase since 1972.

Net current asets. are shown
to have jumped from £13.76m to
£31 -24m following a fail In long
and medium term debt liabilities
from £6-06m to £0.5 m, and an
increase in stock and work in
progress, from £36.02m to
£45fTtm Cash 'is up from £S.42m
to £13. 15m, and creditors from
£3 6.79m to £42 .05m.

£245,000
deficit
at Barget

A pre-tax loss of £245,401 is
announced by Barget, furniture
manufacturer, for Ihe year ended
September 30, 1978, compared
with £132,824 last time. Turn-

over was down from £5. 48m to
£5m.

The directors explain that in
the home market, margins fell
significantly due to intense com-
petition, and cost pressures have
also continued. '

The factory re-equipment pro-
gramme was put into effect and
caused a larger than expected
disruption to manufacturing in
August and September of last
year.

They anticipate a loss for the
current year, but believe that
.with the continuing support of
its bankers, the company will be
well placed to return.- to profit in
1979-80.

As a result of a reorganisation
and rationalisation of the .model
range and a reassessment' of the
stock holding levels, substantial ,
reductions in the latter are being
made and over 90 of the staff
have been made redundant
Two separate divisions have
now been created, they add, a
manufacturing division and a
merchanting division. Detailed
projections for the 13 months to
March 31, 1980 show that there
will be an operating surplus, for
the six months to September
80, 1979, but that this will be
more than offset fay the running
down costs associated with the
reorganisation.

Nigerian associate amounting
to £177,898, an® UK associate
contributions - um from £2 2,089

at the continuation of Saint
Blran’s EGM on April 11. accord-
ing to Mr. Henry Hodding, the
chairman.

In a letter to shareholders be
says that all the business of the
EGM was completed last Friday
and so when the meeting is
'resumed he will formally close
It

The meeting was adjourned
on file proposal of Mr. Max
Lewinsohn, leader of the dissi-
dent shareholders. Mr. Lewin-
sohn and Coopers and Lybrand,
the scrutineer^ appointed by,
'Him, were not satisfied that :all
the votes cast at the EGM were
valid. The issue was the ejec-
tion of the current board' and
its replacement with directors
headed by Mr. Lewinsohn.

Scottish
Widows fund

contributions - up£ from £22,089
to £38.571. |

Economic additions in
Nigeria during fie last year's
second half were extremely
difficult the directors state, hut
good progress has been main-
tained on ; tite associate's
principal contract the Ibadan
ring road. The .'Nigerian out-
look gives them grounds - for
cautious optimism. 1

After tax of £l-34m (tlJIniV 1
stated earnings improved front -
51.51p to 58.42p v per £1 : share.
A final dividend^ of 16.37886P
lifts the net total from 2G.04079p
to 22-37886p— the . maximum

permitted. ' ' .• ?. •

ST. PHtAN

No business can be transacted

tops £lbn

TOTAL MANAGED funds of the
Scottish Widows’ Fund and Life
Assurance Society, including its
highly successful Pensions
Management (SWF) subsidiary,
passed the £lbn mark last year,
reaching £1.09ba at the end of
1978. Funds have more than
doubled over the past .five years
and it was only 20 years ago
that they topped £100m. -

’'Annual premium income
reached £135m and investment
income amounted to £100m.
Overall the long-term funds grew
by £156m during 1978. On the
main life fund, annual premium
Income amounted to ' £112m,
investment inrifme to £87m and
total funds to £9Bm by the year"
end. Pensions \ Management

(SWF) bad a highly: snojwa&ii'
year 'in 1978 £nd-nas naw^assob
■the £200 mark— the tbird largwt i
pensions managed fond issued by
a life company. _(

Carroo ;
recovers
to £1.23m

A RECOVERY itr profit*- levels ;
is reported by Carron Company
(Holdings)', inetai plastiVcer*
miq and general engineering pro-
ducts mahnfactorer. ' ' 11 '*

In. 1978, taxable profits surged
153 per cent from /£4S3,61Q to
£L23m — ahead of the 1976 , sur-
plus of £LJ9m. At the la it a- '
terim stage, profits were up from i
£280,000 to £426.000., • j

Mr. Colin Btroyan, chairman, j
says the full-year- results reflect j
the increase in demand for the J
group’s products.' There has beta i
no marked upturn in the sum- i
her of bousing starts, but borne I
improvements have provided a
stimulus -to the market. .
-Turnover rose 47 per cent to
£32-Q2m (£21Bm), and the-cjiairi
man adds - production at the
group’s works has-been satisfac-
tory. ■

Of the current year, he says
.that despite ,the industrial uprest
and bad weather," ' first-quarter
profits show a 'substantial in-
crease over the previous period
After tax for the year of
£196,932 (£116,842), -stated earn-
ings per 25p share are up from
4.37p to 12.24p, The net- total
dividend. is lifted from 3.5$4p to
a maximum ' permitted 3^68p,
with a 2.426p final..

( /V' GRAMPIAN, HOLDINGS

Wamptan/- .... .. — , ■■ ■■ — — *

P f0 1 irn 1 031^ RfiSUltS fcrtimyeareat^^IDecemher 1978.

GRAMPIAN HOLDINGS LIMITED announce profits (subject to audit) before tax for (he
year ended 31 December 1978 of £1,765,000 (1977 £1,464.000).

The Directors propose a final dividend of 11.83 % (2S575 pence per .Share) givmgwith, interim
a total of 17.83 % (4.4575 pence per share).

i 197*' . ' 3977

£000 £000

Turnover 66520 64,793

Group profits before tax:

INDUSTRIAL SERVICES - 1,007 -219

CONSUMER GOODS ■ — -■ . ■ • 828 - '• 1,431

PRINTING AND PUBLISHING 292 IDS

Improved underwriting trend
for Provincial Insurance

VAN ANKEN & ESSER

Netherlands Solicitors and Notaries are pleased
to announce the opening of their London office
on 6th April, 1979.

' Mr. J. A. Steinz is the Resident Partner.

16, Coleman Street, London EC2R 5AB.

Tel: 01-606 7691. Telex; 887344.

Mathenesserlaan 235.3021 HB Rotterdam,
v . V Tel: 010.76 00 55. Telex: 25114.

A REDUCED underwriting
loss and higher investment
income in 1978 resulted in tax-
able profits of Provincial Insur-
ance Company climbing aver 10
per cent from £3.4m to £3.7m.
Bat a nearly doubled tax charge
of £2_lm with minorities and
preference dividend, compared
with £l_3in, sent group alter
tax profits plunging 25 per cent
from £2.1m to £1.6m. Earnings
per share fell from 24.9lp to
XSfilp.

A final gross dividend of

, U-9192p makes a gross total for

1 1978 of 2l.7268p, compared with
19.5899 p.

j ' General net premiums written
rose by 15 per cent last year
and the underwriting loss was
cut from £l_24m to £1.07m.
Motor insurance, which accounts
for half the U.K. business made
a large loss, because of bad
weather in the first quarter and
an above average number of
claims in the final quarter.

WORLDWIDE FUND
LIMITED

A commodity futures trading
. fund

Net Asset Value per $1 shore
at at 3l5t March. 1979, $12.19.

The fire account produced a
profit despite severe competi-
tion and a difficult first quarter.
The accident account, which is
considerably influenced by
liability business, performed
satisfactorily.' But household
insurance again made a loss,
although it showed a significant
improvement on 1977.

The overseas account returned
a modest overall proBt There
was an excellent result from
East Africa, good performances
from agencies and inwards
reinsurance business, and a
modest profit from Australia
despite adverse market condi-
tions. But these were offset by
substantial losses in -Canada,
South Africa and Malaysia.

Total reserves at market
value at the year-end were
£452m, which provides a
solvency margin of 61.8 per
cent, compared with 60.5 per

cent at the end of 1977.

The life company continued to
expand satisfactorily, being a
market leader for income and
growth plans. Unit funds per-
formed well and significant pro-
gress was made on unit-linked
and witb-profit contracts. New
annual life premiums doubled
from £522.000 to £l-2m and
single premiums climbed by
more than 30 per cent to £3.3m.

BURNDENE EVVS.

Taxable profits oE Burn dene
Investments rose from £105,448
to £130,249 for the six months
ended November 30, 1978 and
the directors forecast a full year
figure of around £350,000, com-
pared with £312,864 last time.

In Wednesday’s report, the
comparative half-year profit was
incorrectly shown as £196,424
due to an agency error.

ANNOUNCEMENT

BANK OF BARODA

We regret to advise that owing to the industrial action by the members
of our staff we were unable to provide normal banking service from Friday,
the 30th March, 1979.

-f

We are now glad to announce that normalcy fias been restored from
Thursday, the 5th April, 1979. .

We are extremely sorry for the Inconvenience, paused to our clients and
thank them for their forbearance.

BANK RETURN

BANKING DEPARTMENT

UabllftiM

Capital

Public Danosita...

Special Deposit*-.---. —

Banker* Deposits. -

Reserves & otheifAecounts

ASSETS

Government Securities--

Advances & other Accounts- —

Premises Equipment A Other Sees.

Notes-

Com — - —

14,653,000

38,-730,529

1,046,000

516,437.126

702.618,400

1,374,203,055

862,820,486

233,283,611

168,337,040

9,643,586

208,524

1,274,293,065

ISSUE DEPARTMENT

LIABILITIES

Notes issued.-.— — — .

In Circulation ...........

In Banking Department

ASSETS

Government Debt

OUier Government Securities.--
Other Securities....—..

9.100,000,000

9,090.356.414

9.643.Bfl6

110 , 010.100
7.9 S 7.382.796
1J31.602.105

9,100.000.000

+ 9,147,462

-r 126.207,238
+ 106,677,733

242,032,468

+ 272,369,896

— 19,742,332

-f 115,526

— 10,762,188

+ 21,561

+ 242,032,468

+ 75,000,000
+ 86,752,163
- 10,782,183

+ 167,464,912
— 92,464,912

+" 78.000.000

Parent company expenses including bank and debenture interest
not otherwise allocated •

Share of profits (losses) of associated companies

PROMT BEFORE TAXATION

Taxation on profits of the year (see Note 1)

Exceptional item- deferred taxation (see Note 2) --

PROFIT AFTER TAXATION AND EXCEPTIONAL TEEM
AddfDednct):

Amounts applicable to periods priorto acquisition and minority
interests _ , _ —

Extraordinary i tems (sec Note 2) ,

Dividends:

Preference pafrinf4.Q B £ .. _ '

Ordinary Interim paid of 6.0% (1977 -6.0%)

Ordinary Final proposed of 11.83% (1977 -9S1%

RETAINED FROFIIE

Earnings ptar Share ,

Earnings per Share incIudingegcentionaZ item m 1Q 7X

NOTE I. The taxation charge for ike year to 31 December 1P78 ka.
accordance with SSAP IS andindades atnotsfer from deferred trr*

. 2427

. %PS5

-15B8p

23.76p

133fip

differences. This adjustment has been shown as a separdlc item in the

NOTE 2. Extraordinary items include £600,000 in respect of the disposal ofGratnmc
previously intimated m S February 1979 and other provisions fbrdlrmvestm^at^^
reduced by a tax credit now available relating to extraordinary cosisinam^ryeah.

Furniture:

The Chairman, Mr. David C. Gretg, comments:
“The Group has taken a useful step forward
with a 20% increase in profits before tax '
There has been somefurther reshaping by
disinvestment from unprofitable sectors and
the costs of these decisions are accounted for in
the 1978 results.

* “The Industrial Services divislo tiled by “the

Transport Group has made asr gnffiratTf
con tribution to these results -Tn certain areas
toe Consumer Goods dreroon has performed
-"weiL Printing and Publishing has condoned*
strong recovszy. .

* *? tctors ^ proposes afinal d^dendof

b GRAMPIANHOLD 1 NGS LIMITED

Tho Scottish -based holding company whh.ltnerests inimkatnaleaivices.
consumer goods and printmgrand publishing. 4;./

23

Financial . Friday ■ April 6 1979

BIDS AND DEALS MINING NEWS

; r „ ®“S Hf Tfjv •

ri 4 , f i*. «0 & :

r'4 iSS^V

h?SS ■'■

;?'?•«& C ; -'

■* 4 -*auve '

BY TERRY .OG6'-

r^l drr 4Sc'

iJ **%**•*!?-
«n ~ , *?» to, *! •

©AL^KTY. tJ^ a^ricBJtnraj. pro- food servioc group hest known
duets - nwrcban!; Intends, to. pBff for its bTeaches—had sales in the
between Mm- and £19.4m for year to' June 30, .1978 of around
Martii>Brower r a-U^-based i(>od S8QQm (£2fl0m) and profits of
distributor.. . The. U.S‘ group sold <£3.l5ra).

■fresh;- »Ws««.ted'. and frozen. •„ While it distributes food and
foods plus packaging equipment- packaging supplies to some 8,000
wirth ^ around. £290m W- fast food outlets owned or firan-
«■ v e KS^iS? 8 and seven otbdr. fast chafed by eight chains, its major

£^ ;s *«n:5 1{ tS sr 8"*fi** ** tbe *ear » June customer is McDonalds. In the
- -30* 1978. -..'..year to June 30,' sales to

The acquisition; to be made by McDonalds Corptu tts . affiliates
-the • wholly * owned - LLS. -sub- and franchise owners was. almost
sidbry, Dalgety Inc^ is still $500m ■ (£242m>: There than

subject to ^satisfactory fulfilment go ceat o{ tqtaI Martin-

.of certain "accounting, Jegal and-- Brower has been supplying
' contractual matters as. well as ‘McDonalds for . a nnmber of
- -from. - goverameot years but there is no formal long

. authorities m both the -u-S. and term contract' between ’the two
Canada- But Dalgety: is- Imping, groups.

*2-5 MpteShe**! fty the end ^ the ciorox balance sheet for
*w the 1977-78 year, Mr. Robert B.

April 30 which is estimated to be. JfaS r ^? w ^^LS d w^Sead
in the region of CF-.S^35m to $40m

<£l6.9m.to £2 9.4m) -and- .will be inargins

financed from the TJJSB 125m we f e very narrow.

(£60 .5m) loan- facility which J^SSSSSV ♦£* tfS? h? £id
Dalgety arranged last year. Some ■ subsidiaiy m the -U.S, he said

MOm (£19.4m) ha, alr»*r been : SL^SfuSteS^SV^

ning and marketing of products
.rather than the distribution of
goods. The cash raised as a re-
sult of the move would W used
in furthering these objectives.

McDonalds, along with; most of
the fast food chains continued to
record- profit and tunioVftr in-
creases in 1978 although the rate
was well short of the extraordi-
nary figures reported in the late
1960s and early 1970s. Dalgety's
own projections suggest. that the
rate of profit growth experienced
by Martin-Brower will slow over
the next year or two but it will
still be around the .20 per cept to

***** *£*%*
txzi*** V-

fit

T; >-

•‘:i f-cs \

z^i.

i K ..

1 •*-

-arron

ecoveis

0 £1.23!

hiT'QY^av

ddiajsi. "jin'ai ;?■ : .

• :T.d V-

:*« :

'■ :Vr a;--
' -• ”-s~

■- ass ■"
•’ .••'•• •". .

-• '• • — r=.V

• -7ir..-c j kc'; :

1 7 : • cu:v. '

used to refinance other borrow-
ings and SlOm (£4 .8m) is - ear-
marked for a small acquisition
In the food processing industry.'

The move is fu line-- with
Dalgety’s policy of building up.
the Jevel of U.$. ajttjvrties- -Its
first big thrust- there was in the
food - processing industry and it
has become -one of the largest
processors "of frozen vegetables
in the country, The Martin-
Brower acquisition, which has
been negotiated in just over two
months, represents ah attempt to
give Dalgety a major second leg
to its UJL -operations: ~

Martin-Brower, a subsidiary' of

r:?4 i‘

t--

• . . • . *

I--.'.. Z<

. • - .
'. *• ;- - "i ..

• ■ i — ■■- --■

LD1NS

. . .... r . .'r;

Clarox— a retail products and -25 per cent mark pre-tax.

British Vita paying £l}m
for Belgian fibre group

British yjia, e UK manufacturer The acquisition, which includes

of. polymeric products, has signed Li belter's offshoots Wnatex and
provisional: ajp’.eement . for . the Metrans, is scheduled for corn-
acquisition.... of : JJ belt ex of pletion on July 2. " ■ . - w ,
Belgium, one; of the .largest . . ■-

makers qf-bpaffed fibre- waddings « Mr . nicoDCXi "
in" Europe, f'flie " purchase price ' uMv DlSPOSsh’
is expected to be around £1^5m, - Ready Mixed Concrete has sold
but will'-finally _depend on the. its 7.1 per cent sta!<» in Staveley
Belgian - Roup’s' • T net tangible industries. The l.QJrtn;: shares,
assets at June. .3Q,-' 197ft- ■* which RMC has herd ter. five or
'BritisfrVita see? the .acquisition ste' years, were placedlin the'
as ati Importanf step m the market on March 29 ' .

cfevelopnufnt.of a;st«prig. Euro- . _ ' j:V-

pean .'identity* and as an joppori - „ ' _ ■ ■ . •

ninity - 4a reinforce .the group’s - WALTER lAWlfeNQE
base te fibre technology. Vita's Vjfof fsSO'.OOO cash. Waft^rXaw-
existmg fibre processing opera- jrence. -the Constnictioh;. and
l * ° n ?. . Viial yao t ogether with .engineering group, has A^ed to

sen -Walter. l^wrence.feieer ?1
"? !ta to& its aped al-pu rp osepaa in e-
° V T e ^.. PP t ratlonS - . . tool subsidiary. Ihcludatt are the

- Llbeftex hasv^. annual turn- frftellD ] d prem ises. whHi ..Water ■
over of. some«.^over75per lavrence EngiiieeriiJ occumes.
cent of whxA- is exported, prin-; ^ pnrebaser is R^dless Tn*
Nether '- tion-.of Hounslow. ;a' orivately-
lands and .... .. owned company which is a manu-

* f^cture of tractors and specialist

?-hew production, nnp capable of tractor, equipment,
processing most of Its output of • - •

conventional ; 1 fibre waddings.

Cerro Colorado
nearly ready

9Y PAUL CHEESERIGHT

THE FINAL details of financing principle a loan Of more than
and construction plans for the Slbn.

huge Cerro Colorado copper Investment is also likely from
deposit are being put together potential customers. British
by the Panamanian Govern- Kynoch Metals, the metal pro*
ment, mining officials in Panama curement joint venture owned
City said yesterday. by BICC. IM1 and Delta Metal,

The' Government has an 80 's aiming to complete its
per cent stake in the' project, negotiations before the autumn

160 miles from Panama City,
and will provide $400m
f£193.5ml to meet development
costs which could rise towards
S2hn. The mlnoritv partner is
Texasgulf, the U.S. minerals
group,

Industry exeruli ves noted
that Cerro Colorado is the first
of a new generation of major
deposits to be financed and
that innovative arrangements
are necessary. However, It is
clear that sufficient capital is
available and that the copper
price has reached a level where
the mine would be viable.

The Itreater part or the financ-
ing will come from the Export
Development Corporation of
Canada, which has agreed in

Other consumers from con
tinental Europe, Japan and the
U-S. -are also likely lo be
involved.

Cerro Colorado, whose esti
mated ore reserves are said to
be more than 4bn tonnes, is in
the western Panamanian pro-
vince of Chiriqui. Studies have
suggested that an opencast
operation could last for 55 years
at the rate of 187,000 tonnes a
year. Thereafter mining
would move underground.

The deposit was found in the
late 1960s. The Panama
Government made clear in 1975
that it would control develop-
ment. Texasgulf first became
involved in 1976 and will
manage the mine, which could
come on stream by 1985.

DM Minerals may go to
International court

DM MINERALS, a partnership, have been exhausted,
of Dillingham Australia (a sub-. “The partnership remains
sidiary of Dillingham . Corpora- hopeful that its compensation
lion or the U.S.) and Australia's claim can be settled by mutual
Murphyores will not accept the agreement through negotiations

or arbitration. However, in order
to fulfil the pre-requisite for
international adjudication, the
partnership is considering what
further steps should be taken in
Australia, including an action
before .the High Uourt of
Australia.”

Ad5tralfaa Government's com-
pensation offer of A$4m
(£2. 16m > for the Government’s
controversial shut-down of the
partnership's Fraser Island
mineral sands operation in 1976:
The closure was forced by the
Governmeot's revocation of the
partnership's export licences. Tl
took this action In order to pre-
serve Fraser Island as a wildner-
ness area. In 1977 the partners
presented the Government with
compensation claim of A$23m
but they were subsequently
offered an e.v-gratia payment of
AS4m.

Since then a bitter controversy
has raged. Dillingham now says
that: “The Govenmcnt’s action
was a takine of private property
for a public purpose. Australian
law does noi appear to provide a
retnedv, but we believe just com-
pensation is required under in-
ternational law.

“Accordingly, the partnership
believes the issue should bn

MCKJEL VENTURE
ARRANGES LOAN

international Finance Cor-
poration, an affiliate of the
World Bank, will put up $62.94 m
f£30.44m) of the $9S.4m required
to bring a Brazilian nickel min-
ing and smelting operation on
stream by 1981. An announce-
ment yesterday said S59m would
be advanced in the form of loans
and the balance would be equity-
investment.

Tbe funds will go to Empresa
d n Desenvolvimento de Recursos
Minerals, which will constsuct
a smelter with an annual cap-

settled in cn int B rnational judi- acitv of 5,000 tonnes or fprro-
c>al forum. The U.S. Department nickel.

of Sti>te has informed Dillins- The other Investors are Em-
ham Corporation that the U.S. presas Sudamertcanas ConsoUdas
Government is prepared to with S21.B7m and Anglo Amiri*
espouse..pur claim for- corapen- can Corporation do Brasil, con-
satujh after a demonstration t-olled by Annlo American of
thaty all Australian remedies South Africa, with 513.79m.

Common rejects B & C bid
as being inadequate

Heavy depreciatibir ^nd finance
charges coupled .with running in
costs resulted in a: loss of £ lOC-.non
for 1978. .However, during .the

HARDY SALE

.. Phillips Furnishing Stores, a
subsidiary, of Hardy and Co.

The . . Brard of Common
Brothers, the ship owning, ser-
vices and insurance broking
group, has considered the ffim

second half of theyear was , ^ rni S e 0 , Si ‘ hid from BritUl1 and

an encouraging return to' profit- - non

ability which' Libeltex ' believes Broaddiead, Bristol for £350,000

vriil -continue.;.- >- . . .. .. c ? sh :- \

At December 31, 1978 the value This interest was in the
nf net Assets represented, by IB le accounts at £22.000 and was last
i^pitel.b^g'aeqtiired amounted' professionally valued at £145,000
to some £lm.. •. _in April 1977r

Commonwealth Shipping Com-
pany and decided that it does
not “ adequately ” reflect the
value -of the company.

The group said yesterday that
it was consulting its advisers.
When tbe formal offer has been

-Vr'-'l

6c.rl>

- r«r,"

1 s:s

2 C -

, I’ll

' „J

-s'

m ” *k»‘ C w m ^ r

NOTICE OF PUBLIC SALE-
: PASSENGER VESSELS .

S& “ MARIPOSA r/SJS. “MONTEREY”

. Please take notice that the following passenger vessels are offered
.for sale : -i

S.S. n MARIPOSA ”/S.S. u MONTEREY”

Accommodations: ,365 First Class Passengers

Built: Bethlehem Steel Company

ApriI 1953/Deicember 1952
Qassifieatibia: American- Bureau of Shipping

Tonnage: ' 14,812 Gross/ 7, 444 Net/11,617 Net Tons Lightweight

Speed: . .: .About 20 knots on 3.57 barrels per mile

Remarks:. .--- Each room equipped with private bath, air-conditioning,
^ hi-fi and telephones. Public spades are air-conditioned
throughout.. Vessels are fitted with Sperry Gyrofln
Stabilisers, soot removers, swimming popL theatre,
' ^ . . elevators arid shopping centre. Located^on the promenade

' deck are Lounge, Club Room, Card Room. Library and

Writing Room. Passenger Dining Room will accommodate
■ --••••■ - 200 passengers at one sitting.

DJESCRIPnON- NOT GUARANTEED — VESSELS SOLD “AS 3S, WHERE IS”
Please take further notice, that pursuant to Orders of the Court dated Mardi
9, 1979, in Chevron International Oil Co. v. The SS MONTEREY, Civil No.
79-0269 SW-, Chevron International Oil Co. v. The -SS MARIPOSA, Civil
. No."79-026S SC, presently pending in the Northern District of California, said
' SS MARIPOSA and sfe MONTEREY, their engines, boilers, tackle, etc., wHl
be. sold by the US. District' Cdiirt at public auction held at Room 17409,
-.United States Courthouse, 450 Golden Gate Avenue, San Francisco,
California, on-the 10th day Of April, 1979, at 1.00 in the afternoon (PST)
thereof , f or cash to the highest -bidder (s). Said- bidder is) is to deposit
immediately. with the Court 10% of the purchase price in- cash, U.S. currency
' or certified diebiue on a. San Francisco bank, which sum may oe forfeited
unless the balance off the price is - paid within 48 hours after the completion
of .the auction. The as.. District Court reserves the Tight to withdraw the
Vessel (s) from. sale, should it not deem, the final offer (?) to be a fair and
equitable representation of the market value of. the Vessel (s); and the
saJe(s) shill be subject to confirmation by the Court
While United States shipping laws require the bidder at an admiralty
foreclosure sale to be a United States citizen, it is believed that the Maritime
Administration would approve transfer foreign of these vessels and
interested foreign purchasers should make appropriate arrangements with
a United States citizen agent. . it is further believed that MARAD. would
grant ;such an approval In advance, but it is the responsibility, of any
prospective purchaser to make these arrangements.

Interested, persons are referred to the above-mentioned Orders of Sale for
additional information concerning the terms of sale, and to the undersigned
for further information concerning the vessels.

SOLE AGENT: A. X* BURBANK & COMPANY, LTD.

.One. World Trade Center, Snite 28U, New ; York, New York 10048.

Phone (212) 432-0700 Telex Via RJEA: 232693

received from B & C. Common
intends to contact shareholders
aqain with more detailed objec-
tions.

On tbe stock market yesterday
Common shares rose 3p to 215p,
valuing the group at £6.47m.

B & C announced its 200p per
share offer earlier this week
after it had acquired 530.000
shares, nearly IS per cent of the
Common equity from Gosforth
Industrial - foldings (the old
Swan Hunter group).

Because Uenteith Investment
Trust a subsidiary of B & C,
already ‘held 48S.OOO shares of
Common, B & C's slake was
increased to 33.3 per cent and it
was obliged to make a bid.

LCP DEALS

Evans HaJshaw Holdings, part
of LCP Holdings, has sold tbe
property and fixed assets of the
Chorley dealership for £540,000,
plus stock at valuation to be
agreed.

This follows the acquisition of
the Portland Motor Group, and is
to comply with Ford Motor
Company franchise policy which
limits group main dealerships to
five.

LCP has agreed to acquire 70
per cent of the equity of Ets
Louis Bolivia Chevilles Bo! SA,
drill manufacturer, for FFr 8.5m
(£950.000) cash. Tbe deal is
subject to French Treasury
approval. Medium-term finance
facilities .have been arranged
with Societe Generale.

■EMRAY ISSUE

Emray, the motor vehicle
distributor, is to issue 1B75.000
new ordinary shares as A further
consideration for .its purchase
of Reid and Lee, which was made
in June. 1978.

The group said that profits of
Reid and Lee had exceeded
£90,000 for 1978. so this issue of.
shares would be made.

feEST & MAY

At April 4 the Crown House
group owned or had received
acceptances in respect of 2.132,536
ordinary shares in Best and May
(94.77 per cent of- the capital).

The offer w ill remain open
pending compulsory acquisition.

NO PROBE

The acquisition by the British
Steel Corporation of Dunlop and
Ranken is not being referred to
the Monopolies and Mergers Com-
mission .

JOHNSON RICHARDS

As Norcros now holds S2 per
ceut of the ordinary capital of
1L and BL Johnson Richards Tiles
shareholders are strongly ad-
vised to accept The directors
will be. doing, so in respect of
their own holdings. ,

Scottish Widows

new

NEW BUSINESS I cm gica lo report ihof for the Society and its subsidiary.
Pensions Management (SWF) Ltd, 1978 brought another new business
record with new annual premiums at E38.7M no less than 71% up on the
recordfigurefor 1977. For the Society, new sums assured and new annuities
(mainly deferred annuities in connection with pension schemes) increased
by 33% to £773M and by to £207M per annum respedivefy.

Pensions business was especially buoyant during the year, particularly for
Pensions Management (SWF] Ltd where new annual premiums at £JZ5M
were over three times the 1977 figure and new single premiums at £12JM
over six times as great. The new State pension scheme also gave greater
Impetus to group pension schemes, in respect of which new annual
premiums increased by 54% to £1 4.8M. Pensions for senior executives and
controlling directors and small pension schemes were also growth areas
with business at record levels.

Higher real earnings during the year led lo substantial increases in ordinary
business, while an active house purchase market, especially in the earlier
part of the year, also contributed to a 23% increase in ordinary annual
premiums. Our Investor Plan Ten contract launched in 1977, which is a
flexible ten-year investment plan linked to the successful Investor Policy
Fund, brought in over £670,000 of new annual premiums while the
associated Capital Investment Plan contributed single premiums of
overElM.

SOCIAL SECURITY PSXSiONS ACT 1975 and PBMSIONS BUSINESS Last
year my predecessor mentioned the major effort that had been directed in
1977 towards advising clients on whether or not to contrad-out of the
additional earnings- related component of the new State scheme and
dealing with the subsequent dacumenfatron. The pressures on our staff
dealing with documentation within tight time limits continued into the early
months of 1 978 but I am glad to be able to report that we were successful in
arranging that oil employers who wished to do so hod their schemes
contraded-out.

Last year our subsidiary, Pensions Management (SWF) Ltd, following the
introdudion of a new form of contrad which had been under discussion
with the Inland Revenue for some considerable time, was able to accept
into the Managed Fund schemes in resped of which the trustees wished us
to be responsible only for the in vestment of some or oJJ of the pension fund
assets rather than providing administrative services also. As a result we
were able to attract a large number of clients who wished only the
.investment service; however, there was also a considerable increase in the
number and premium income of administered schemes in the Managed
Fund.

The Society has always' hod an excellent reputation for the bonuses paid on
policies for individual members but it is perhaps not always realised by
our members that it also enjoys in the market a high reputation for the
administration, insurance and investment aspects of pension arrangements
both in its own right and through Pensions Management (SWF) Ltd. Over
half of the Society's own funds now relate to pensions business and this
proportion is even higher if account is taken of the assets of Pensions
Management.These latter together with the assets of the Exempt Unit Trust
for pension schemes which is managed by the Society constitute the third
largest insurance company Managed Fund in the United Kingdom.

INVESTMENT Economic growth in the United Kingdom in 1978 was at a
faster rate than we have been accustomed to for some lime. This was
largely due to strength in consumer spending in a period when earnings
yvfre rising more rapidly than prices. This higher level of consumption fed
Ho sharp rises in imports and but for increased production of oil from the
North Sea, the trade balance would have been in substantial deficit and
sterling probably under pressure. Instead, sterling remained firm in
international currency markets while the dollar was very weak. As a result
prices of imported raw materials were held down and this contributed
directly to the reduction in the rate of inflation despite a strong rise in wages.
The favourable trend in import prices cannot be expected to continue
indefinitely arid unless labour cosls can be restrained, an increase in the
rale of inflation is inevitable.

In the course of the year yields on long term British Government securities
rose steadily from around Tl % to over 13%. In contrast ordinary share
prices changed little - the Financial Times Ordinary Index ended the year
at 471 against 485 at the start, with a high of 535 in September and a low of
433inMarch.At the beginning of Iheyearihedifference between the yields
we were obtaining on long term British Government slocks and on ordinary
shores was around 6% and as mentioned at fhatf ime, a higher proportion
of new money was then being invested in equities than in British Government
securities. The yield gap remained at this level for the first few months of
1978 and during that period we continued to favour ordinary shares but
during the balance of the year, as the yield gap widened to 7% ond more,
the greater part of our new investment was in British Government stocks.

A total of £149M was placed in new investments of whicb*103M was
invested in 8ritish Government securities, £41 M in UK ordinary shores and
£5M in US common stocks.

Reference was made last year to a $10M currency exchange agreement
which the Society completed in February 1978. The dollar proceeds were
invested virtually immediately in US common stocks qf prices that turned
out to be close to the low point for the year in the US stock market. The
investment currency premium remained at very high levels for much of the
year and the opportunity was olso taken to arrange a dollar loan to
re-finance investments tothe value of S10M which hod been acquired in the
investment currency market. This enabled us, in effect, to sell the dolfar
premium and as a result £2.8M was released for more productive
investment elsewhere. • •

REVENUE ACCOUNTS AND BALANCE SHEETS In the consolidated
balancesheelthe ordinary long-term insurance funds, including Pensions
Management (SWF) Ltd, now exceed £1,000M for the first time in the
Society's history.' These funds have more lhan doubled over the past five
years,increasing from E506M at 31st December 1973to£l,089Matthe end
of least year. It is interesting to note that it was just over twenty years ago, in-
1957, that the Society's funds first exceeded £100M.

In the consolidated revenue account the annual premiums exceed £135M
and the total income is over E245M while investment income at £100M has
again substantially exceeded the previous year's figure. As anticipated last
year, the increase in expenses of management in 1978 (£2M) was higher
than in 1977 (£07MJ due largely to the partial relaxation of controls over
salaries under Phase 3 of the pay policy. Commission paid to intermediaries
has increased by o further £1,1M, mainly as a result of the substantial "
increase in new business. . • •

BONUS RATES As from 1st January 1979 we increased our rates of
intermediate bonus from 4.55% to 470% per annum compound for
ordinary with profits policies and from 5.25% to 5.50% for with profits
policies in our pension business fund. At the same time the roflss of bonus
used lo illustrate future benefits were similarly increased. We were also
able to increase the terminal bonuses available on claims arising during
the second six months of 1978 and the some scale, according to term of
contract, has been retained for claims arising during the first six months of
1979.' - - . -

Life assurance offices have differing views on how terminal bonuses
should be derived and as a result there is o great variety of scales. Our
terminal bonuses ore reviewed every six months and depend on the general
level of Stock Exchange prices of the time and on ihe relative performance
of ordinary shares ond British Government securities. As a result the
terminal bonus scales we adopt can vary quite widely from one six-month
period to another. In fact since we introduced terminal bonuses otthe end
of 1968 we have increased the scales on seven occasions and reduced
them on five occasions. Our opinion still remains that no useful forecasts
can be made af the terminal bonuses which the Society is likely to pay in the
future.

The last review in Planned Savings of the actual results achieved fix with
profits policies of yqrious offices once again showed the Society at the top
of the table for a whole life policy effected 40 years previously. A policy on
the fife of a man aged 3CT effected with the Society on 1st April 1938 subject
to on annual premium af £100 produced a claim value 40 years later of
£19,169. In 1938 die Society was quoting illustrations of prospeefivedaim
values on three different bases and the highest figure that would have been
quoted to a prospective policyholder for the claim value 40 years hence
would have been £9,101, or much less than half the amount actually paid
out. The Planned Sayings table showed that there was a great variation in
the amounts paid out by offices, the lowest figure being £7/35 and the
average for 47 offices £13,733. This does drive home the great need for
care in selecting the office when effecting a with profits policy, and the
wisdom of choosing the Society.

WILSON COMM11 1 fcfc During the year the Society was used os □ case
study for evidence to the Wilson Committee, an interesting but
time-consuming exercise which we hope will have been of value. There
stems tittle doubt that the weight of evidence submitted to that Committee
shows the various financial institutions to be acting responsibly and on
sound principles and the country's financial system to be adequate. In
particular, we believe that in general the present system is capable of
producing a sound allocation of resources among competing sectors of the
economy ond that direction of investment to areas to be chosen by civil
servants or politicians would create a whole new series of problems and,
far from improving the performance of the UK economy, would further
retard it. if one change to the system is urgently required, it is that the
Government should reduce its own demands on capital markets and thus
free funds for industry and commerce.

LEGISLATION The Finance Ad 1978 allows personal pension policies,
effected by the self-employed ond those in non -pensionable employment,
to include on "open market option" enabling the policyholder at the time he
wishes his pension, to commence to transfer the cash value of that pension
to another insurance-company in order to obtain a higher pension from
that office. This option had already been available under retirement
benefits schemes generally but not for personal pension contracts. We ore
allowing this open ma rket option on request u nder all our persona I pension
policies, both existing and new. Where the policy already contains a
guaranteed cash sum in lieu pf the pension, we shall be allowing that sum
to be transferred in full to another insurance company without any
dedudion. For those policies where there is no guaranteed cash sum, the
amount allowed will depend on market conditions at the time the transfer is
required.

Last year my predecessor referred to the new scheme whereby life
assurance premium relief will be deduded from the premiums payable by
policyholders resident in the UK and this scheme comes info force on
6th April this year. We hove spent □ great deal of time and effort on
changing our systems lo cope with the new arrangements and this has
resulted in our having to deferolher important projects. We have issued
over 200,000 letters to policyholders giving them details of the new
arrangements. We estimate that to date the cost to the Society's
policyholders of effeding these changes exceeds £100,000.

REGULATION OF INSURANCE 1NTERM HILARIES The Insurance Brokers
(Registration) Ad received the Royal assent in July 1977 and is being
brought into forcegradually as Regulations under the various sedions of
the Ad aee made. The Act and Regulations cover matters such as the selling
up of the Insurance Brokers Registration Council, rules governing
registration, code Of conduct, requirements for carrying on business,
disciplinary and appeals procedures and the like. If is expeded that the Ad
will be in full force before the end of 1979 but applications for registration
are already being accepted. At the end af the day only registered brokers
will be allowed to use the style 'insurance broker' and members of the
public will then be able to distinguish between those who are committed to
adhering lo the required standards and those who may not do so.

The Society welcomes these moves in the general diredion of greater
professionalism among insurance intermediaries. At the same time, if has
to bear in mind that over 25 per cent of its newpremium incomeforordinary
and small schemes business is obtained through non-broker
intermediaries, particularly professional people such as chartered
accountants and solicitors and also building societies. In the north of
England, Scotland, and Northern Ireland that proportion is considerably
higher, and given that some of those currently classed os brokers may not
register under the Ad, possibly because of the costs involved, it is dear lhat
although Ihe Society is anxious to obtain more business through insurance
brokers, the non-broker sedor of the market remains very important. It
seems very likely that steps will soon be set in train to extend some form of
legislative control to non-broker intermediaries. We would view with
concern any developments which might tend to reslrid the market to
registered brokers and insurance company employees, a trend which
would reduce the range of good qualify independent advice available to
potential policyholders and possibly in some of the more sparsely
populated parts of the country mean that such advice was not readily
available at all. We hope iherefore that any legislation introduced will
. encourage the continued development of a broadly based market.

FUTURE OUTLOOK While 1978 was a year of strong expansion for the
Society and for the life assurance industry generally, 1979 does not hold out
the samepromise and we are conscious that we shall have to work even
harder if the Society is to continue to grow and expand its services to reach
an even wider public

For the country as a whole, 1979 is showing every sign of being a year of
slower progress in economic terms, but regrettably we are in danger of
losing the Ixrttle to control inflction.My predecessor mentioned more than
once the benefits and opportunities which could grise from North Sea oil •
but warned of the. danger that they might be squandered. It is very
disappointing to realise therefore that the general expectation for the
current year is that, although North Sea oil will provide a net saving of
^£3,000Mbf imports, the current account of the balance of payments seems
likely to show only o small surplus. Even more disturbing is the current
increase in the level of wage settlements. The Government cannot expect
some grou ps to continue to ad responsibly ifitoannotpereuadeall parties,
particularly Trade Unions and employers, to co-operate in bringing
inflation under control, which means settling wage claims ot much lower
levels than currently. The opportunitiesfor a better future are still there but
Ihey could quickly disappear.

In spite of these problems and uncertainties, however, we remain confident
thatthe Society will continue to justify its hard-won reputation by offering a
high standard of service and producing Jhc best possible results for its
members.

SCOTTISH WIDOWS

. A better iife assurance

24

APPOINTMENTS

Group Taxation

This is a key appointment at the London Headquarters
of a major British group ■with manufacturing interests
in the UK and overseas.

• .RESPONSIBLE to the Finance Director the role is to
provide specialist advice at top level on all tax matters.
Proven expertise in an international group is essential.
A Chartered Accountant is preferred.

. REMUNERATION is for discussion to attract those
already earning over f 12,000.

Write in complete confidence
to G. W.Elms as adviser to the-group.

TYZACK & PARTNERS LTD

10

MANAGEMENT CONSULTANTS
HALLAM STREET LONDON

12 CHARLOTTE SQUARE

and

\V 1 N bDJ

EDINBURGH EH 2 4 DN

Business Development

EUROPE

• this is a new appointment to be located in London, or Paris,
with a rapidly expanding American Group marketing leading
consumer goods and services world-wide.

• responsi in lity is to define new areas of profitable development
and to identify realistic acquisition and merger opportunities
throughout Europe capable of providing the base for diversified

growth.

O

• FLAIR and experience in combining financial analysis with an
appreciation of business and market opportunities is essential. The
preferred background will include exposure to the practical busi-
ness world. However, a background in consultancy, investment
banking or stockbroking research could be equally relevant. An
ability to understand written French and German and possibly
Italian is required. Fluency' in these languages would be an added
advantage.

• LIKELY AGE early 30s. The package is for negotiation and will
meet what ability and experience can justify. It is unlikely that
this could be of interest to anyone earning less than £13,000 in
the uk or holding a comparable post on the Continent.

"Write in complete confidence .
to P. A. R. Lindsay as adviser to the Group.-
Early application would be appreciated.

TYZACK & PARTNERS LTD

MANAGEMENT CONSULTANTS

IO HALL AM STREET •, LONDON WIN 6 DJ

12 CHARLOTTE SQUARE

and

EDINBURGH EH 2 4 DN

Insurance Management

This is a new appointment in a medium-sizecl insurance
company. The intention is to provide for succession at
top leveL

• responsibility is for the technical tide of the
business through departmental managers at the Head
Office in the West, an Underwriting room in London
and a branch network.

» AN INSURANCE PROFESSIONAL is required With
experience at corporate level, coupled with evidence
of ability in management and administration.

AGE 35-45. Initial salary in five figures with
esp ecially good prospects.

Write in complete confidence
to G. W. films as adviser to the company.

TYZACK & PARTNERS LTD

MANAGEMENT CONSULTANTS

IO HALLAAi; STREET

12 CHARLOTTE SQUARE

and

LONDON %VIN 6DJ

EDINBURGH EH 2 4»N

STOCKBROKING IN IPSWICH

ANDERSON & CO.

seek an Attache/Member with substantial established
business to join their Ipswich office. Direct line to
the London office and the Market Price Display
Service are installed.

Enquiries should be ■made to:

Mr. Quilter or Mr. Bassett at Anderson & Co.
1SS Fenchurch Street London, E.C.3.
Telephone 01-623 9231.

#

I

for a new management consultancy hacked by welk-kno wu
chartered accountants - and a leading firm of consulting
engineers. Both shareholders have well established
consultancy practices in the UK and overseas. These are
now to be integrated and the new venture is strongly placed
for rapid growth.

• responsibility is to the Chairman for developing' the
business profitably. The role is to direct a broad range of
consultancy services spanning financial and management
accounting, information systems, org anisat ion, and
personnel.

• SUCCESS in the profitable management and development
of consultancy operations in an international context is the
prime requirement. Careerprogression should have stemmed
•from a professional qualification and background. . ■

• TERMS are for discussion. With generous profit partici-
pation, the earnings opportunity could be in excess: of
£25,000. * ’• ?'

■-I

Write in complete confidence
to K. R. C. Slater as adviser to the consultancy.

TYZACK & PARTNERS LTD -

MANAGEMENT CONSULTANTS

IO HALL AM STREET

12 CHARLOTTE SQUARE

and

LONDON - WIN 6 DJ

-*

•• t

EDINBURGH EH2 4 DN

• %

Head of Finance

.. >•

CONSUMERS ASSOCIATION

• THE association" exists to further the interests of this
consumer in the marketplace. Its diverse activities includi
the publishing of the five Which? magazines and a wic
range of books. Turnover exceeds £8m. Research
information services form an important part of the work. *

- *i

* • .

• THE head of finance is responsible for monthly andf
annual accounts and forecasts and is also expected to make a|
major contribution to corporate planning.

• experience at senior level in commerce, a professional ;
accounting qualification and the temperament to suit alively, : .
demanding environment are the criteria.- ■ - *■ - . v

salary in excess of £10,000. Car provided.

Write in complete confidence
to G. W.Elms as adviser to the Association.

TYZACK & PARTNERS LTD

10

MANAGEMENT CONSULTANTS

HALLAK STREET LONDON WIN 6DJ.

12 CHARLOTTE SQUARE

and

EDINBURGH EH 2 4 DN

LEGAL ASSISTANT

TRINIDAD AND TOBAGO
OIL COMPANY LIMITED

TRINTOC — Trinidad and Tobago Oil Company
Limited, a fully integrated oil company, owned
by the Government of Trinidad and Tobago, invites
applications for the position of Legal Assistant in
its Legal, Lands and Public Relations Division.

QUALIFICATIONS AND EXPERIENCE
Barrister at Law or Solicitor of at least three years’
post-graduation experience.

Practice and experience (court or industry) in
commercial law, including contracts, insurance,
patents and taxation; land and company law will
be an advantage.

The job is located in Point Fortin, Trinidad, and
the company offers an attractive remuneration
package consisting of a negotiated salary and com-
petitive fringe benefits.

Applications can be forwarded to the Head,
Recruitment and Career Planning, Trinidad and
Tobago Oil Company Limited, Point Fortin, Trini-
dad, West Indies.

Closing date for applications is April 30th, 1979.

SUCCESSFUL AN0
EXPERIENCED
SALE S

REPRESENTATIVE

Surrey /Sussex/ Kent. weighing

and food trade equipment. Good
salary plus commission. Company
car and usual expenses. Apply to
Mr. A: H. WHson, Sales Manager,
t-R. C Ainpld Engineering Ltd.,
| Holmethdype industrial Estate,
Frenches Road, Redhill, Surrey.

Tel.- Redhill 6001 / 2/3

Arts Council

OF GREAT BRITAIN

Deputy

Secretary-General

Applications are invited for this post which will
become vacant in late May 1979.

Candidates should have a good general knowledge
of and interest in the arts together with first-class
administrative experience.

Salary range (under review) £10,567-£12,795.
Starting salary negotiable.

Further details from Dr. Ray Siam. Secretary-General, Arts
Council o/ Great Britain, 2 OS, PiccadiUy. London W2V 0AU,
to whom applications, with the names of three referees.
should be sent by 27th .April. 1979.

UNIVERSITY OF WARWICK

Lectureship in Accounting
and/or Finance

Applications are invited lor this post
in the School of Industrial and
Business Studies, from persons
holding s good degree in account-
ing. business finance, financial
economics or similar discipline.
Candidates also offering appropriate
professional qualification and/or
related practical experience in
indusiry, commerce or the public
sector win be particularly welcome,
but less experienced graduates

wishing to toke up or develop

careo r In management education are

also invited to apply. Salanr on the
Lecturer scale: £3.883-0,754 p.a.

(under review). The School is con-
cerned to promote undergraduate,
postgraduate end post-experience
teaching in many aspects of
accounting end business finance,
and therefore no particular area of
teaching Is specified. A firm com-
mitment to research in an appro-
priate area will be expected from
the successful candidate. Applica-
tion forma and further particulars
from the Academic Registrar.
University of Warwick, Coventry
CV4 7AL quoting Ref. No. 32/A/79.
Closing dale for receipt Of applica-
tions is May 4th 1979. Informal pre-
liminary inquiries may be made to
Prolessor R. A. Fawthrop. School of
Industrial and Business Studies.

APPOINTMENTS

WANTED

i \

Financial Times* Friday April 6 1979 . •

COMPANY NOTICES

- - CANON, INC- .

Advice ha* Been received ftwn Tokyo
that the Board ol Directors has declared
i wnmcntM DIVIDEND of. Y en 3 .75 -oer
than for the Six months .parted aoded
31st December. 1074

''Ho^rEUMrtAM DEPOSITARY

2. BOULEVARD ROYAL

LUXEMBOURG. 2, BOULEVA

LUXEMBOURG.

win be made In Sterllw «
the rate ol exchan ge r uljog on »• d »*

af- pffEfftTartofl. (XCfPt ill til® ,Pj.

non-resWcnts of the S cly uled Territories
who. to -obt ain . p ayment In Yen must
fallow the procedure laid down Jo U»*

of BEARER DEPOSITARY
RECEIPTS /SHARE BPRSI wtshme to dslm
this dividend In raWff*
represented bv rtsi- P** *DK aatmum
present Couiw No; S »t the olnce i of
pill SAMUEL SCO. LIMITED, 45. BEECN
STREET. LONDON EC2J*" 2LX< where list-
ing forms are t' ra 1 !£5£« v . ..

Aloe me tic -Sark Nedonano N.V->

-32 Vl|acl«tra*c.

. nSt^5atior«iClty Bank.

VII Wall Street.

New York.

•N.Y, 10015.

5ocl«tc General*,
rd Boulevard Hauasnwnn, -

Th e P Fu» Bank Limited.
immernMnfwWusse 3.

KrM'eliuink 'lA.. L-ixemboungpolse.

A3. Boulevard Rural.

’ KJSen? ll 'wiii be made in p.S. Dollars
at the rate of exchange ruling on the

““LSW rSfu oreiented .hr an
Authorised Depositary and must be leK
ftour clear tor’ examination.

Jaoanese WKfiholdino Tax at «ie rare
nnu* uiiii ho MterittrtoH from tti p o r O>

of Z 0 % will be deducted from the p-o-
ceeds of the dHvdsnd, exceot rn the
o t holders resident In Uie following
onttrier— ■ "

- Arab Republic of Egypt .

Australia .

Belgium
Canada

. Denmark • • -

Finland
Pr»—e
. Ireland
Italy
Korea

Malawsla
The N»d— "land*

New Zealand
Narva,

<lneapore
Rnaln
- Sweden
Swirr-rlnod
Un'red tlradoin
united Stem* of America
We-* G»*m»nv

To obtain payment under deduction o'
vymhoidino Tax at the reduced rate of
15 - '-. re»Wen& of the above rountrle*
mii«r fbniMi a dnclarxNon' or-**«trUvwe a*
nrau/red Ire me lamnese Mfni**rv ot
Plharre. T»-» >*“'!»r»'lorr ma<t ■ tm alven
bv an Authorised Denncttary. and ID
re* pere of holder* re*i-'rnt in. the United
•ff'-dom Is rncorpo rated In the HKUN
farm.

eie iwwmb pi a || rr-ho- co'intfie* a
■smrer.it- d-c'aratirw mi»*t be fn-niihod.
giving -fi« namr and address r# the
*r-vi ripe, ‘•re r-.'-v-be- -nti H»*'l**re
numf«p o' FORr/RORc held and jttra.
Ire nij. bp l- restw te the ,a *. T’r
Relief Opreuant *0 the Tax Contention
oe— »-n J - — tire p"*i“trr re-.-ernod.

«h'-x or»R-PDR bolder— m-H-nt -in
Hr* RepaWte of Korea toll) recHve pay-
ment unde- d«**«ieHon of Withholding Tax
at the reduced rate of 12*‘. and m>.|-
tle"tq o* Jt-mbl* «**»h"iir • qny d adoption
Siib'e-t •" the -movKIon of a declaration
as <*>, out ahgve.

APint'nn r* drawn to the fact rea-
*<it arew mr"' l «nfrt renpnUon* rdPIre
*n ivn-i-ii— e withbn|d|eq T v- aonly nw,
— . re-.niK o'«— ■-*“»' *i- -a vine- 1 w , 'Vn.
r. xo- JL i -■ th* rero-d Thereaf*--

rpx wit| dco.p—ed a* the fidl ■ rare

t-r pgo'. t- vflll th* r-spon-lhHire

p" the n—iwr N) claim f-oni .the .l»nnne*»

o.-**— itles any refund to which h*
K - v * r *'*d. "

.United K'pedom Ipreme Trr at *h«
ann-onr'a-o -ate 'fill f>« 4 »niirSwi f-ent

the ore" -eds '-nlerc the rnup— < a-e

rei-niiM t-v a • united Kingdom

A"-.--.- '• N—.rerldeere

B, i'i inffmetjo- m»“ »-e obninsd from

Mill Crre..»| e. m. Limited:

M-" €*«'.■!. A CO. LIMITED.

UR Bee’-*' '■ret
Ineene pc— » 7VY.

BOND DRAWINGS

CORRECTED NOTICES
WESTERN MINING CORPORATION

LIMITED
91,-v, NOTES DUE 1952

NOTICE IS HEREBY GIVEN that In
carrying out the o-erattoo of the sinking
fund cl lu May 1-979 m resoert of tlw
above Lore Notes lor U.S.S500.000 have
hem -»i "based and Pursuant to Condition
a- ei at the Notes, the Notes aoaearlng an
the annexed Mil amounting to U-S.X250.DOO
were !h:s day drawn py RICHARD
GRAHAM ROSSER »nf Messrs. Oe Pinna.
Scorers & John Venn. Notary Public, for
renaymePt at ear on the 1st May 1979.
from wiu.-fi date all Interest thereon will
cease

21/25 340 a*

9S9M3 lavrjai

1 821125 . 2146 506

2716r20t.r ■ • 3035139

3644/48 T 3931 1*S

4521725 »• 4*41145

5706(10
6616/70
7501 /OS
*7t9|lS
9*151-0
10S«6 50
11435/39
1734K45
13206b 0
14138(40
14921,25

606, felO
1 501/05

MB

4527.^25

5437/41

6341/45

724IM5

8445(49

9'*11>5

10221.28

11121/25

2431 '35
__ TrTf

1*>9if/40

13*01/05

14746/50

'3321!

- .4206/10
511 *'20
6021(25
6»i ns
~8116'20
9037/41
■OS41/7 -

12 R 0 -f 1 0
13521 Z2S
14416/20

250 Notes at U S.H.OOOV, U.S.X250.000
The at^vemen? "ired Noflts with Cmmiv

due 1st May. 1980 attarbemmay be- ly , '-ed
fnr repayment m or after Mhe 1 *t May.
1-979 for me following day HLthe 1st May
ts puoii' bol.davi at the iglhces of J.
Henry S'firoder win s Co. Ornized. j zo
ChegesWe. London. EC2V 60% J. Henry
Srhrodar Bank a Trust ComApuy. eft
9ta»e . Street. New York. N^r. 1-0015.
U5.A ; s-r.ere General de Banifc# S.A..
20 Rue Rcryaie 1O00 Brussels. Belgium*
Banque Genenla do Luxembourg 5tA.. 14
Bne Aldrinw, Lirrembourq; ShrlJC Bank
Coro~atLon. 9 Paradcnlatz. CH*poZ 2

50FINA .

. . ■Stodatt bmundb ,

Registered Offlcer SB ivede Nbptas, -

IxeUM-Brnssds

...

NOTICE OP ORCfNA^Y GENERAL -

NOTICE IS HEREBY- CIVEKafllM the
Ordinary General Meetlrff. of SuirehoWers

will be field at tbe Reghterwi Mct of
the. company on Ttwrsday. 26«i' Apni.
T979, at 2.30 - P-m. for the foltowhia

purposes agenda

1 . Reports of the Boarcl of^Oirecters and
of -tfta Auditors .-m the . CwnpanYt
activities during the.BiNnciaf year ,1378.

2. Balance - Sheet. 4 nd Pro ftt arid to**
Account for tho financial year 137 #
and Appropriation of Profits.

5

3 . Discharge to be 9 i«n -b> tte EUrectgn

and AutfiWTs--. . -

4 . statutory aopolUbnMIK. . -. •- - e."C

5. N limber of Dlrpcxora -and Auditors, sod

hares must bo- deposited ms> to
ns the 20th April. 1979. dor-
ess hoots at the- -Sants

Shareholders wishing- to- attad-.iir to
be repre sented at . the meeting.- must
canTp/y w’vfi Artreht. SO of .'Ae. Com-
pany's By-Laws.

Bearer Sfiar
and Including

lug business _ — —

aaaoiptadi to. rec«l*e such shares at. the
Registered ofhcc .*1. tte Compgny

/Entrance 25. . rue da Champs . da Muu
and Jn London at the

Bangua Betee UM.. - , 1 .^

16. St. H«len's Place.

London ECSA 6 BT. | t ‘ . •

Midland Bank Ltd.. • .

Internet to rAl oiwslon^

60. Gracechorch Street.

London EC3P 38N.

:id

V:

■Kc

i-

By Order of the Board.

J A RHINE. MATHKiON E & CO. L1MITIO

1L.

NOTICE IS HEREBY GIVEN that ‘
Transfer Books and Register of Members
of rhe Company will be dosed for the.
pumas* of tnal - dividend .recomm ended jp.
ras-ned 61 tbfc vw ended SIM'J December
1970 from . 23rd April to 7th. May 1979 .
both days fndusfv*; -■

The- Huai scrio dividend WHO * red»
alternaMve of HKSOJl. Per stac k . w>frj*w •
be paid on Tatb June 1S7B TO SocUg&kf
on the . register ot members on 7A -
1 979-

In "order to qualify for^ the-

._. . . dfiridaiitcBl ■

transfers accompanied . by.- Cie.-' wmbpSt

&

stock cert PI cates mosr^ba/odflod

&

Company’s Reoistrara; Central RagWracdiT
Hong Hono Llmllcd. Gam map .Hwiat,
FJ 00 -. Hsrconrt Road. HdpB : Kong, not-
Uter than 4 .op pa.m 2 «k Aprfr,;ig 73 ^

Bv 0^jer"of~th« Board,' ' r. "

. K.-W, YOUNG. Compamr -5 wfetary
Hpno Koig, - - - - — ■

4th April. 1 979a . * - "* •• ■: .

LEGAL NOTlCKt^- .r

Tho HIGH . COURT 'OF . ' JUSJTCE \ ■
Chancery Division Companlos. Court.. - - .

In tho Matters ol: T " *’ .' ' • J_- b

. . No. 00905- of TS78

CHABLODGE LIMITED . "• ’ ,a*'

No. 00306 of 1979 ' . "... \

DERfNGER INVESTMENTS (LO^aONJ -

LIMITED ,-.'ir, r

No. 0089a of 1379
LONNYCAL INVESTMENTS' LlMljtD
No. 00902 of 1979 -
SOLETTE LIMITED

and in tha Matter . of The; -Compjmfea

A cc 1943. - - - .-,V

NOTICE IS HEREBY GIVBf <hsR-ped>

lions ter The windinq up of iha [.Bbmte-.;
named Compan ias hy the_ Highr Cblijy:.

rf,

.<&■

of Justice were on the 26<Ji day-,a£

March 1379. presented 10 the said Court 1-
hv THE COMMISSIONERS OF INtANIH
REVENUE, of Somerset House. Strand
London WC2R 1LEL aod_ that che^siwr U i.’
Petitions are .directed to be “ WkrtfT;. rl...
bsloro the Court sitting at tiia .ftoyit^’ ;.
Courts of - -Justice, Strand. London;.-;- IjtfC-
on the 14lh. day of May 13Z3, and '- L
4 ny creditor or contributorjrof ady of; - «*■
the said Comoanle» desirous to support .

‘or oppose the mokiog of an Ordar j. .
on any of . the. said Petition* may
apoeor at. the time of heating i«r -
oentdn or h Y his Counsel. Tor thicr
pnrofree; *nd e copy of the' PwilTflin' •-
will H« ft*rnf*hed -te ; anv craditor «ur.. ; -
ronfrifiutorv of 'any. of the. said .Cam--,
nan If* - ’ roooiring the same - bjr ' tfis '..
I’nd^nRioned. -nrr t>B»ment of. th^ regu^-., .

Icied chpmq for the seme.

PRir MOSES.

d-

Rbiicitor of Inland Revenue-, - i 7

9nnvrset H-ws® Strand,

London 1WC3R 1LB. .

NOTE.— An** neraoh e/hn intends 1o
annnpr rm th* hnarino . of any -of tile
yffid Petitions must sBree on or send
hv r<n«t tn the above-named mattes ■
in verSiin#, . ff hl <5 intention* ao to do.
Th» tmtlro «tate the name. and.

■^•freiw nf »h 9 oe r «on. ‘or if- a Run.
the ,nam» ««d adrirvgg . e | iha . finn, .
a**? nu M . -h? ci' , na.d . .fo< the_»te*;nn •_
or Ron. nr hre nr t>eir Sn ,, «d»r f ! f ftnvi .-.
»nd *•« .rervaH or. ■* noated: mu»t '
hn hw noat in qi’fRrient Tima ■ to
rnnrh «ho ->hr u S- ro 'nnrl not later . tfiy'it
f^..r . w'-'/jc 1 ' th* ’ftamoon ot dig
t-th i*.» oi m*w i # t. • ■-

E

|lgE“

f

htr

T^F C 0 MPAN'«t ACT 1343 to 1975

DONALD DAV'H ooc,i S CONTRACTS
LIMITED

ay:

IftB*

De <£

kas

fa?

|S f!5

I fir

lit? ’ll
1 st: 1 :
iaa/i

ItW

pinrirc |e HFBCRY G'VPN. onrauant
re «errinn 33? P r fho Crreopreos -Act
5 0 4*i' TP*** a-iNfistintr rf rhe"Cn»ditor 9
of rhn pHnva-'’"me' < Company will be
fre'd ar rten'e* of

icnwAPn r^^TiR R rn.

«:tt»*mh •.' 9 /a -Rentinnk Struct.'

InnHon IRA

•<i 'r.wil,.,, irVHi -H.*V A* inrll, 1073.
»» '"» n'r'^rK r*Wii»» tn- ,hn v-yy-

; n garfinri*- 294 end 295. of-
n**T~l -*>i- “tere - J., -norrh, 1773.- _

P« nf Th« Rnar'd. ■

n/nccc rv'rai-rer.

TM*r rnMOANMrc Af-rg 1948 tn 197B

Zu'-'-S. Switzerland.

N.B.— Bonds still to be lodged for
rer'vme-il from previous draw, nor : — ■ .

Drawn 1 st May. 1977: Nos. 3171. 3172
a.n» '5472.

Drawn 1 st May, 197B; Nte, I1JH14.
31 12/311 3. 3715. 4811/4814. =112.

8517/9914. 8712IB714, 8512/8814,

89121*914. 901 2/901-4. 91 12/911 A

9212/9215. 9311/9315.

London

23 rd March. 1979.

PRESS COI'TT'<»r-r BURNISHERS
lIMnTO

wn-PCF J9 HBPBpY GIVFN. Miraoaat
m neerian 2S7 of fh* . Comoan iee Act
1 R 4 R th-T a Maetlnn q| rhn Crerlilort -
nf ahnya-nemed Company will be .’
held at * fc * nffi-er h - ; ~ .

LFflNARD r"RTiS. A CO..

niiu-uad it 9/4 Rentinck Street..
Lnntion WlA 3BA.

on T -regd»r thn Iflth Hey nf Aoril 1979, .

2 30 o’clock in Uip afternoon. Xo»;
th» fy'/r-w men» ! «n«H in sections S94 i
ar-r nos nr th™ sSirt Act.

Dated *hi*> ?*rh H’v of Mnrrh 1979..

By Order of the Board,-

D. D. PRESS. Director. -’

former public company managing
director aged 46. chartered secretary,
seeks senior executive oosltlon. home
or overseas. Mfn. sal. £ 12 . 000 . Write
Box A.6733. Financial . .Times.
Street. -~ -

Cannon

EC4R 4BV;

LEGAJL NOTICES

THE COMPANIES ACTS 1948 to 1978

EXQUISITE HOUSEHOLD SELECTIONS
LIMITED

NOTICE IS HEREBY GIVEN, pursuant
to section 293 of the Companies Act
1948. that a Meeting of the Creditors
of rhe above-named Company will be
hold et the offices of

LEONARD CURTIS & CO..
situated at 3/A Bonimck S treat,
London v/iA 3BA.

on Thursduv. the 12th day Of April,
1979. at 3.00 o’clock in tho afternoon,
for the purposes mentioned in sections
294 and 295 nf the said Act.

Datod- this 29th day of Mnrch, 1979.

By Order of tho Board. 1

N. S. ROGERS. Director. <

THE COMPANIES ACTS 1848 to 1376

NINBMLE LIMITED

NOTICE IS HEREBY GIVEN, ourauant
_* BCt ' or> 293 of tho Companies Act
1948. that 3 Meeting of the Creditors
of tho above-named Company will be
held ai the offices of

LEONARD CURTIS & CO.;
situate di 3/4 Bantfnck Stmt.
London W1A 38A.

“"Thursday, tho 12th' day of Apr, l,
1979. et 12 o’ dock midday, for the

ourposos momionod in section 234 and
295 of Tho said Act.

Doted this 27tli day of March, 1979.
By Order of the 8 oard.

A. SAUNDERS. Director.

Standard Chartered

announce that on and
after 6th April, 1979

the following annual rates
will apply:

Base rate 12%

(Decreased from 13%)

Deposit rate (b aS k) 9i%

(Decreased from KK-%)

Baltic Limited

Ta

BSij

■ S: £

SBA'i

Wc-’

“33s

or... ;

*» 2 .
jii
tili 3
Wi-

,r=tis

*r.5.e

P

te

KJj.

SL.

.3

a •-

f,v!

^*3 »

m

Co-operative Bank

With effect from
6th April, 1979
the following rates will apply
Base Rate Chang e

From 13% to 12% p.a.

Also: . -r.

7 Day Deposit Accounts 9^% ^

. 1 Month Deposit Accoujats"^^.

>■

Ai,

V* '

Y-fi

•,'i .

S'*

- w - .

ih

tV,:

25

NORTH AMERICAN NEWS

PV&M • -•

=- 5 E>. *V-.. '•

INTERNATIONAL CAPITAL MARKETS

_•> •!

companies now feel
of Teamsters strike

RY JOHN WYUES IN NEW YORK

"p * THE SHARPENING impact- of the 1 Teamsters 'Union which But there Is little certainty

the shutdown ;of a large propor- represents thdr 300,000, drivers that the Teamsters’ rank and

>.T two of the UJ5. - tnjckihx andwarehousemeh. Sonje of file would observe such an

: *.! ='■>,. industry has - forced- Chrysler the impact of the stoppage, order. In the meantime there

Corporation to -dose indefinitely which follows an employers’ are worries that carriage of

. - aJ l of its vehicle J assembly lock-out last Sunday in retails- goods by non-union drivers may

£:.J. *'s , £'V: plants and to plan dtherclqsures tion for selective strikes. Is soon spark some violent inci-

. which : will eventually : make _ being softened by ; the . Inter- dents.

r 7 - 85,000 workers idle, •- 'state Commerce Coramissioh Meanwhile air

v. DeWriK 6f Tati'tonu.rt eacoaraSng ^paue^whMi tuL t^b»' dteSSdta to

U.S. assembly, plants are stead fly ara still worSing to apply for shut(lQwn of united Air Lines
- • -ft*: dxyinir up with' the- result that lances to operate new mutes. the U S c ^mS

3 atotal of 32 factories employing One of the principal tears of carrier. The airline’s 18 600

^ I25;000 workers are new closed^ the Administration is that the mechanics and ground staff

Or on short time. Meanwhile, . distribution of dry grocery went on strike last Saturday in
; .>:*:>> some, stee l comp anies are be- goods will soon be strangled, support of pay and benefits

V > ©Ming tom^ diffic^es ajrf There are some reports, so far demands and a fresh round of

[STNoTfe SJSCSS fe?° PPage SSSlE^T^ Government's vo.untar,

ft. — sufficiently threatened in about pay curbs appear to be com-

'--.vTS The Cai^erAdministration is ten days to raise the serious plicating settlement efforts

■:t£ .. monitoring the . effects or the prospect that the Admmistra- because the union is demanding

strike closely and is still hoping tion win seek a Taft hartley a somewhat more generous

. .;v: for an early settlement of the injunction ordering the drivers settlement than one made at

■ \ 'ri' dispute between.. the nation’s -back to work for an 80-day Trans World Airlines last

largest tracking companies and cooling-off period. - autumn.

■ .'.V ft 4'

Bay looks at
rival offers

■ By Robert Gibbons In Montreal ,
THE HUDSON’S Bay Company
says its directors iaet on Wed-
nesday and. gave “preliminary
consideration” to the offers for
control by the Thomson family
interests and the George Weston
food processing and distribution
group.

The Bay told shareholders
that the directors will communi-
cate with them u afe so on as -pos-
sible and in the' meantime share-
holders should, retain all their
options by hot depositing their
shares under either offer." -
Two companies based in
Toronto and - owned - - by ' the
Thomson family . have offered
C$35 cash per A ..share -for up-
to .80 .per cent of the total 23m .
shares now. but^andihg... |:V
The offer now expires on
April 12 Instead ;of April. 8.

George Weston has offered,
C$40 .cash for .51 per cent, or
the Bay shares, or the same
value in fit per cent preferred .!
stock or 1 a combination of both
cash and preferred. 1 *- .. - ; '

The expliy date for. this offer
has not been announced. !

Boise Cascade expansion

- BY TERRY BYLAND

INVESTMENT IN the office pro-
ducts division of Boise Cascade
is to be doubled over the next
five years, said the chairmab and
chief executive, Mr. JohnB.Fery
in London yesterday. - At present,
Boise Cascade, whose. major in-
terests are in wo do products and
building materials, has .a mere
3 pec cent . share in .the ILS. .mar-
ket for-ofifice products. But Mr.
Fery sees prospects for* ““un-
limited growth !’ in this sector.

.Development in the office pro-,
ducts division will be a signifi-
cant part of the planned. ffiLSbn
capital investment planned over
the ;neact five years. ' 'L. \> .

The wood products industry is
seen by the Board as a business
area of relatively low growth
prospects — in the paper and
paper board industry Boise ex-
pects growth of around 2-3 per
cent annually between 1979 and
19B3.

Supply and demand in the
paper industry would be funda-
mentally In balance over the
period, said Mr. Fery.

He commented that Boise re-
gards its oil and gas interests
as no more lhan the icing on
the cake of what is basically a
wood products business.

Strong advance at Interco

NEW YORK — *;&terco Net earnings for the full
Incorporated, the shoe retailing year ended February *8
group, enjoyed. a strongtfborth amotmtpH goon™ onn ,j
quarter with. earnings increasing t0 59 ~ Bm : eq ? aJ t0

by- 16.9 per cent from *2S.6m a share — a rise of over

or $1.65 a share. to $27.6n^ eoual .13 Per cent on the previous
to. $1.90 a share, Operating year’s $81.8m or $5.70 a share.-
margins showed a jjgomid Sales for the year advanced by
improvement, sales risfjlg by • 10.7 per cent, from Sl.fiTbn to
only 1 .11,4 per’ .cent, i- from $1.85bn.

to $450.6ni.

Agencies

FT INTERNAT fON AL

SERVICE

. The 1 list shows the 200 latest international bond issues for which an adequate secondary market
exists; For further Retails of these w other bonds see the complete list of Eurbbond prices published
on the second Monday of each month- - j; " Closing prices on April 5

u.s. doliar _

STRAIGHTS ';

Boyar Ini. F. XWTUfe- 200
CECA S* 84-99. SO

Canada 9 83. 400

--—-• Canada 9V 90 -,3SO'

Dow Cham. O/S 94- 200

E1B 9Vi 98 . 125

- - EIB .9S 88

- • EiB- sv-99 ioo

. E*port Dv. ;T50 ,

- Ejcport.Dw.' Cpn. 9^ 84 100 .

Eksportfinnns 3-86 u....' 60

• r • ' Finland 3 88 100;'

•• Finland 100

: GTE Fin. ff» 84 !' 50

- Gould Int: Fin. SV 85... 50.

Hospital O/S 9 8? 25.

•r Hudson Bay Co. 10' 9* 50 •

Hot Flnanca 9V 90 ...... . 30...

. ■ - J. C. Pohnoy 83.^— -100

Manitoba 9*a 89. 75

. New Brunswick 9\ S4... 75

MawfoundU5irTO94..- ' .BO '

Norsk Hydro 9V 94 ; 50

Norway S>, 84 150

Portland 10 8? 50

. Quabec Hydro. S 1 * 93 -SO':

* .^rJ -Radland Fin. XWS*,"8V:- 25 ;

mr+f\t > QTl Sears Roabuck 9 .82 ISO

1 LCl wV Stockholm 9>» 94 30

■ UK 8*. 93 150

. DEUTSCHE MARK

STRAIGHTS towtod

'll w- 1 -** American Ex. Int. 5>s 87 70

Argentina 6^ 88 * -150

, ■ — Australia 8 88 260

: J- V Austria 5\ 90 150

: Banco Dasanolla 86 100

Bankamericn 90.... 4 . : .1S0
Bq. Ext- Aloaria SB- 100

Brazil 7V 87 150

CECA 6 88 ISO

Ch. Manhttn. O/S 6 S3 100

Commerzbank XW 3^... 100

Copanhagon City. 8 90.^. 75

Council of Etirope B 5 *... 130
Danmark 5^ 85 100

Danmark B»j 89 100 -

f 0 EIB 6 90 4 300

# > <l1 EIB 6»s 91 200

Eleirobni3 -Brazil 7 87 ... 100

* Euroflma 6 1 * 89 10O '

Finland 6 S3..,. ■ ... igo

9 1 fl Hitachi Ship. 55 SB __ SO -

i, u 5lndoneala 7 84 .100

O ‘Kobe. City or B\ 88 ... 100.

- Msgal Rn; 7 89 .150

i,.» — - Mitcoblshi Pbizo. 5V 85 100

New Zealand 6V 87 ... 200
Nippon Kokan 74 84 ... . TOO-
Nippon Sfaai 54 85- ... ;10B.

J Nippon Te|. 8r:T.. 5*r 87- -100
■ _ rf/lrl Nordic Inv; Bk. G 1 * B8..." SO '

a »^T iSklBV Norge* Komm. 6 90 ... 100

r ICI " Norgea Komm. B>» 89_ 150

1 * Norway 84 200

Occidental 6V 90 v... 160

OKB &, 88 100 -

yOKB 6 «r -

^-^Petrolao Brazil 7 88 ... 100

5U 83 30

Statoil 6 88 . 150

Statoil 6b 89 150

UOS Group 5% 83 56

Union Bank -Finn Bb 88 50

Venezuela 6b 90 150

World Bank 6*« 88 ...... 400

SWISS FRANC

STRAIGHTS Issuad

Aceaa 5*4 88 W

! a Anter. Exp. Inu S*, 93 ;4Q.

i/ Asian Dav. Bank 3*z 94 nOO

Austria 3h 83 — . 100

LZV l||«* Australia 3* 89-.. 250

I nC*' Brazil 4*« 100

- ** Canada 89 300

Chase Manhattan 4 S3 70'

Council of Europe 4*s... 100
Bapkamerics 3*4i 93 ‘80. -•

TO* Danmark 4*, ft) 100 J

‘ EIB 4*, 93 100 '

Euratom 4J, 93 80

f F. L Smidth 4*i 89 25.

^ .PWarid Vi S3 80

•l| flpte°Rn!\^ 94“~~ 280

W » !l " -

JJpnjes Komm. 4^» 90 100

OKB 34. 91 .100

gv Nokia 5 » 2D .

t*Qy. yiOippinaa «... 89 50

. ®W1n 4 91 100

2P fli Voest-Alolna 4*, 93 ... 100

r fci 1 4 93 100

W °«d Bank 4*. 93 250

'th STRAIGHTS Issued

. Dev. Bank 5*4 88 15

: Australia 5.6 83 ■ 30

. • - Auatralla 88 -20

. _< : .pr.land 6.6 83 10

*r ■ ' F,n ftnd 6.8 88 .10

,rtere<

Q3$

Chanaa.en

Bid Ollar waok.YMcT
84*z 85 +CR| ‘+W» : 9.72 -
99 96>i -T) +0V ^-79 .

SB*i 99^ +0*, J-0?i : B.67
• 97 97*, +0H -0»i 9.79.' •

97»a 97>fc 0 0 9.93

84*, 95*. +.0V +«*, 9J6
99»i 100>i -HFi +0*1. 9-83
10K 1004. +0*1+0*, 164)8
100b 101 “0*, -0*. 9.88
:*7V9B -0V-0*,:9ftl
96*1 96*k +0*, +<Ki 9.64
96*. 95*. 0 O . 9.86
P7k B8V 0 +0V8-B1
98>i 38% O • 0 9.82

99% IDO*. 0 +0*» 9.77
97% 97% O 0 9.55

100*, 101*1 +0% -H)*i 9-85
V9fl*i,a5 0- -0% 10^4
96% 96% 0 0 9-64

87V 97*k +.0V +0* 9-88
98 98**._0_. +CPi 9.38

. 96V 93*» -0V +0*, 10.15 .
95V 95V 0 +0*i 9R1
100>* 101 +0>1 O 9.77
97*, 97V 0 O 10.67

.96*1 87>.+03i +0*1-997.
Vffl. 93V- 0 +OV10.S6

98*, 99 +0 1 , +0*, 9ft)
100*i 100 s , +0*» +OS 994
95*2 96*4 +«. +0*1 9^3

- ; Change «h'. . i
Bid’ Ofler day weak Yield

. 93V MV -0*, -IV 6,52
' 8JV : 3«V +IV+^ 239
. 98 98*, -0*. -1 flJfi

92 azh —O', -CH. 6.73

97*, 98V -0V -0*. 7.60

, 94V .34% -O- -IV 643

96V 97V -0*, -0*, 7.81
99V 100V 0 -OV 7J8
95*, 95V -OV -O*, 6JSZ
97V 88*, . 0 -0*, 6ft)

. 8T 82 -OV O. 8.19
92*, S3 . -OV 0 BJBZ
' SEV 96V +OV.-.OV -6J83 ,

- 96V. 97V “OV O " 6JS

-96V' 97 -0V-DV6J6

92V 93V -OV 0.. 6.81

‘ 96V 96V “OV — OV- 834
96V 97 0 -OV 7-56

100V 101V +0*, -OV 6-34
99V 99V — OV O 8.1S
97V 98V 0; -OV 8ft,
'97V 97*i -0V-0V 7.53 .

. 97V 98V +0V -OV; 6.07-
99V 100 -OV+OV 7.06
98' 98V -OV -OV 6.08
; 99*2 100 0 +OV 6Z9

99V 100V -DV +0V 7.50
. 97V ST* -0 V.-DV. 8-23
.-.94V 94V.+0*,-r0V .6^
S7V «■ 0 +OV 6.97
94V 8SV b “OV 6.65 •
97V 99- +9V +OV 6-66.
101 1D1V . 0 +0*4 S ft.
96V 96V ' 0 -+0V 7.18
' 39 -99V +OV -OV 6.60

"97V a8T - -0 — OV 8.37-

97V 97V -OV -OV 7JS
X1-. 97V -OV.-OV 5.98

- S5V 96V .0 -Ift' 6.M

97V 98V -OV -OV 6.78
96V 97V 0 ■ ; - 0 6J1

■;94V aft +OV-OV 732
.S1V 91V ^OV^DV .7.62.
'.ftSV 96V “tft -OV 6.75

' Change on '

Bid Offer day week Yield .

103VW3V-0V-0* ,4.77:
97 97V -F0*, -OV 3.76

89 9SV+0V-2 4SZ

34V 94V+0V-1 4.01

95V 95V +0V +0V 4.15

Clwnga on

OTHER STRAIGHTS - ' IsmmmI Bid Offer day weak Yield
Nprdic 1. Bk. 9 84 SDR 20 98V B9V 0 -0*, 9JZ2

AUTO Cota B. 7 93 EUA 16 - 91V 33 0 +0V 7.90

Komm. Inac 7V 93 EUA 15 87V 98V 0 — OV 7.71

Panama 8V 93 EUA ... 20 94 96** 0 -OV 8.90

SDR Franca 7 93 EUA

Atoemsna Bfc. 4V S3 ft 75
CFE Mexico 7V 83 FI ... 75

■EIB 7V 85 FI 75

Nad. Middbk. SV 84 FI 76
' Now Zealand 6V 84 FI 75

Norway 8V 84 FI 100

Elf Aquitaine 9V 88 FFr 150

EIB 9V 88 FFr 200

■Norway SV 84 FFr 200

PSA Peugeot 9V 87 FFr 175
Total Oil 9V 87 FFr ... 160

»1'« 93 0 + 0V 7.90

87V 98V 0 -OV 7.71

94 96*i 0 — OV 8.90

94V 95*. -0*, .0- 7.66

96V 96V +-0V -OV 7-41

98 98V 0 -OV 8.19

94V 95*4 -OV -OV 8.29

100 100>i +OV +0V 8.19

94V 95V 0 -OV 8.00

100V 101*4 0 0 7.99

98V 99*4 0 . 0 9.90

S8V 99V -0 -OV 9-88.

99V 100V
99*. 99V

0 9.30

+0V 9.81

Total Oil 9V 87 FFr ... 160' 97V fBV -OV “OV 9.74

Unilever 10 85 FFr TOO -100V 101V 0 .-OV .9.74

CECA 9V 89-C 2tf

Citicorp 10 S3 £ 20

EIB 9V 88 £ .- 25

Finance for Ind. 13 91 £ 15

Gen. Elec. Co. 1Z* t 89 £ .50

BAT 8 88 LuxFr 260

Beyer Lux. 8 88 LuxFr SO

EIB 7V 88 LuxFr 2S>

Euratom 8 87 LuxFr ... 600,
Finland I. P. 8 88 LuxFr 260
Norway TV 83 Lux Fr ... 260
Norges Km. 8 86 LuxFr 500
Ranauft 7V 88 LuxFr ... BOO
Solvay Fin. 8 85 LuxFr - 800
■ Swedish Bk. 8 88 LttxFr 600

91V 92V +0V +1V 11.01
91V 92V +DV +0V 11.13
95V 98V +0V +2 10.41
105V 108 +OV +1V 12-08
702 102V +0V +0V 12.09

97V 98V
97V 98V
96V 97V
100V 101V
97*, 9BV
97V MV
98V »V
97V «V
100V 101V
100V 101V

0 8.3S

-OV 8J6
+0V 8.17
+0V 7.89
. 0 8J33

+0V 8J0
-OV 8.17
+0V 8.07
+OV 7.84
+OV 3M

NOTRS NG Spread Bid OTer C.dta C.«m C.yW

SSb Inti. Bank M6.5 83 W, ». 37 31 H 11A4 11^
• . SFG Fin. Co. M5.5 89^ OV *»V ^,12/7 12-« 12-54

Bco. El Salvador M8 83 IV 97V T2/4 1V31- 11.®

Bco. Nac. Argnt. M8 83 OV IMV 100V 21/7 12V 32.19

Bco. Nac. Argot. 7 86... OV VPi 98V 22/9 11V 11-72

Banco Urquijo 8 86 ... OV 97V 9BV 21/9 11V 11.^

• Bank of Tokyo M5V » OV 97V ^V 18/4 TOV 10.TO

Ban quo Worms M5V §5 OV 9BV 9® 15/6 12 12.15

Bq. E. d’Alp- M 8.375 84 OV 9gb WV 9/8 TVV 1^24

Rn Ext h'aIq MV. 5 85 OV 95*1 9Pi 2/5 IVk 1X35

IS: ifdo^t SU« M5V OV 12, 12-“

■ Dv. • 1 7 aj Occ 83 ift 38 SPj t2/7 T2.4 32.82

W ^ K 37N 981.22/2 m 11-62

' ?rrFM 5 25 "98 K 97V 37V 3/8- 11V 11.67

. ^. C Maf"0/S®M5V 93 W, 97V 11.73 11.95

Citicorp O/S Rn. B 94 OV 39V 8/6 11.06 1110

^;^rNa U donar^ S Oj ^ £11/7 12.31 12.47

. Pnr b Bk n -5Spo“ MS*, ra ft ^ ;§-s

. TJublianska M7T5 85... 1 ^ ^q6 I^IZ

ft SSh ^

N.nn. Crdt. Bk. M5.& ^ ^ 10 (JJ, 18/4 10.56 10.56

g^o'TMI^r^ K h ^19 17 12.18 12-28

■, P T™dKa M?* S £ % «{S “

. StandB«l-Chit. M5.5 » «. gg 2T* %% SS

• Simdsvyllahnkn. M6 * ff. ^V
UUl. 0 90)19 Bk. MB 89 OV SB

'ggSKT 181 '

SSSf 5V S3 ^- .---9/78 m

97V 98 4/10 11.06 11.32

SB 96V 29/9 11-14 H-34

Sti Bid Mar Sot Pmn

I- Jt v&Et A 4S'

Cih“fiBioy gfls^iSJS 9S + ft"Sf

Ito-Yokada 5V 33. 8/78

Novo Industri 7 89 ... 4/79 _ g. « — OV 14 08

Taxes Int. Air. ^ 33... 4^ J 4 -5 « « + .g J 4 ;^

jS y 3*- 3 0B 8 DM M :1 !/79 17M 87 s , MV “ft 21^6

iSZ^hS. 4 Si'DM 1/79 13S0 90V 91V -OV

fedVoM™ SB & A

Isll

■ Boots " SV SO ■■■■■■■■■

SB 99V 0 -OV 4L36
-9SV- 98V+0V — OV 4.12
1W100V -0V a -OV 3.99
99 99V -OV -IV 4J4

.87 97V- 0 -IV 4,01

100 100V 0 '—IV 4^6
t94V 9S +0V -2V 5.13
97V SB 0 -IV 4.45
97V 97V -OV -IV 4.47
99V 99V— OV -IV 4.64
99V 93V +OV-OV 4-53"

100 100V 0 -I*, 4.49

96V 96V 0 -JV 4.70

S3 93V +0V -OV 4.13
SBV 98V 0 -OV 4.83

. 92V 9ZV+-0V-2Y 4ftF
99V 100 -OV -IV 4.28
«V 94V +0V -OV 4.33

101 102 -OV-T 4.82
R7V 97V rFOV — OV S-.06
97V 97V +0V .-0V 428
95*4 96 +0V -IV 4.46'
99V 99V -OV -OV 4.53
39 99V- 0 . -IV 4.17
99V 99V 0 -OV 438

Change on

Bid' Offer day week YMd

I&V 84V-1V-3V 8^
94V 9SV o. -OV 7.«a
92V SBV -OV -O’, 7.73
93*. 94V -OV -IV 7.35
■ 93V 94V--0V -OV 7i89

niymp. OpL 3H 85" DM 2/79 7(0 Jft wj +J*I

Ricoh 3*' 86 DM ....—,10/78 6T7 ,94V 95V 0 20.49

Sharo ? Co 3V W DM..iz/79 487 947, 9F, -OV 64.18

Stanley BSC. 3VJ7M. . .11 /7S ^ 9ffk 91V

Tokyo Else. 3V 87 DM 4/79 £5 ' SR* OV +0V 6.79

Takyu Ld, Co. 4 86 DM 4/79 493 88V 89** .0 4.M

Trio-Knwd. 3V 8SDM... 11/78 711 87V BSV +0V 23B7

* No -information available— previous day’s price. •
t Only one market maker supplied a price.

Straight Bonds: The yield Is the yield to redemption of the
mid-price; the amount issued ie Ip millions of currency
units except for Yen bonds where it ie in billions.
Change on week » Chengs over price s week earlier.

- noating Rate Notes: Denominated In dotiars unless oOier-
wiae indicated. M« Minimum coupon. C:dste=pBte
naxt coupon becomes effective. Spread = Margin above
-..six-month offered rate for U.S. dollars. C-cpn-TTie
currant coupon. C.yid— The current yield.

Convertible bonds: Denominated In dollars unless other-
wise indicated. Chn. day -Change on dey. Cnv. date™
First date for •conversion into shares. Cnv. price =
Nominal amount of band per ehsrt expressed in
currency of share- at conversion rate fixed at issue.
Pram- 9 Percentage premium of the current effective price
of acquiring shares vis the bond over the moat recent
price of th e shams. v _ , ■

■e The Financial Times Lid., 1979. Reproduction in whole
or in part in snv form not permitted without written
consent. Daw supplied by Inter- Bond Services £a sub-
sidiary- ol daruSTREAM International).

92 93 D 18.73

88V 89 h +04 33.18
96V 97V -OV 3.11
86V 87V 0 8.7B

92V 93V+0V 1 5-«J
91V 92V “OV 8JB0
■98V 99V +0V 2.82
94V 95V 0 20.49

947, 95V -OV 64.18
‘ 90V 91V -OV 27.04
92V 93V +04 6.79

Allied
Artists
files for
protection

By David Lascelles in New York
allied ARTISTS, the film-
maker whose productions
include Cabaret and Papiilon.
has filed for protection from its
creditors under the U.S. bank-
ruptcy laws, blaming losses on
its picture-making activities. I
The filing was made under
Chapter 11 of the Bankruptcy
Act, which is designed to allow
companies to reorganise their
finances free from the pressure i
of creditors. Allied says that it
hopes to remain in business
once the reorganisation is
carried out.

Allied is a diversified concern,
with interests in video-taped
films, motor homes, houseware
and pharmaceuticals, in addi-
tion to film-making. The motor
borne and houseware operations
are not covered by the
bankruptcy petition.

The company said that its
losses were primarily due to
lack of capital to enable it to
make or buy enough films to
supply its distribution network.
In addition, there were financing
problems with its latest major
production. The Betsy, starring
Sir Laurence Olivier.

Canadian bank
debenture issue

By JTm Rusk in Toronto
ROYAL BANK OP CANADA
plans a C$80m two-part deben-
ture issue on international
capital markets in mid-April.
It will be .brought out by
an international underwriting
group headed by Orion Bank
and Royal Bank of Canada Trust
Corporation.

The planned offering will
consist of C$40m in seven-year
-debentures and C$40m in 15-
year debentures. Coupon and
issue price for each maturity
will be fixed in accordance with
market conditions at the time
of the offering. At present, a
coupon oT 20 per cent is
expected for both maturities.
The bank.wIU use the proceeds
for general corporate purposes.

Trizec ahead
in first quarter

By .Our Montreal Correspondent '
TRIZEC CORPORATION, the
second largest quoted Canadian
real estate development corpora*,
tion earned C$2.7m, equal to 1?
cents a share, in the first quarter
ended January 31, against
■C$2.1m; or 16 cents; on fewer
shares a year earlier.

Revenues were C$55m against
C$4Sm. The company said the
improvement came mainly from
a better performance of the
income portfolio and from new
properties which came on stream
in the last half of 1973.

Voting control of the company ;
is held by the Peter and Edward
Bronfman interests of Toronto.
However, the majority of shares
is held by English Property Cor-
poration, control of which has
been ' won by the Relchmann
family interests also of Toronto.
Recently the Bronfmans and the
Reichmanns agreed to share
management of Trizec.

New Allied
Chemical chief

By Our New York Staff
ALLIED CHEMICAL, the giant
chemical concern, has caused
something of a stir in the
executive jobs market by
bypassing its own senior execu-
tives and appointing an outsider
as its next chairman, president,
and chief executive officer.

He is Mr. Edward Hennessy,
51. the chief financial officer of
United Technologies, the giant
manufacturing company where
he had been expected to take
over as president.

Mr. Hennessy will succeed
Mr. John Connor, wbo became
president of Allied Chemical in
1966 and chairman in 1968. Mr.
Connor is due to retire, aged 65,
at the end of this year.

The appointment reportedly
ends nearly a year’s search for
a man to run Allied Chemical,
which is going through a diffi-
cult period owing to weak prices
iu its major markets and a
squeeze, on its energy opera-
tions.

Jack Eckerd
in $153m link

CLEARWATER— Jack Eckerd :
Corporation has agreed in prln- ;
ciple to merge Brooks Fashion
Stores Incorporated into Eckerd
in a share-for-share exchange of
stock worth some $l53m.

Under terms of the proposed
merger. Jack Eckerd said each
of Brook’s 5.7m common' shares
would be converted into one of
its common shares. Jack
Eckerd’s stock is currently trad-
ing at about $27 a share.

Jack Eckerd currently has
about 23.5m shares outstanding.

Weyerhaeuser qualified

Weyerhaeuser’s independent
auditors, Arthur Andersen,
have, as expected, qualified the
company’s 1978 results because
of the company's • uncertain
liability, stemming from a jury
verdict last year against it and
two other forest products con-
cerns in class-action- civil anti-
trust price-fixing suits, AP-DJ
reports from Tacona.

China arranges further UK Canadian

. ,V , ... dollar

commercial bank credit Eurobond

BY i0HN EVANS urices fall

BY JOHN EVAN5

A FURTHER British commercial
bank credit line for China for
up .to $100m was signed by
Lloyds Bank International and
the Bank of China yesterday.

It brings the toial of British
deposit facilities and loans for
China agreed so far to Sl.675brL

Britain has taken the lead
among Western nations in the
volume of credits extended to
China in support of the country's
modernisation 'programme. How-
ever, Japan is expected to sign
agreements with Peking shortly
on an overall credits package of
some $6bn.

The Lloyds Bank five-year
facility is expected to carry a
margin of i per cent over Euro-
dollar interbank rates, in line
with other recent UK bank
credits.

Drawing will be at the dis-
cretion of the Bank - of China,
and the deal can be used partly
in payment of British exports.

The arrangement follows
credits for SlOOm each sigDed
this week by the Midland Bank
and Standard Chartered Bank
respectively, and the $175m
loan arranged by the consortium

hank. Midland and International
Banks.

Additionally, seven UK bank-
ing groups concluded a $lJ!bn
deposit facility, backed by the
Export Credits Guarantee
Department, last December. So
far, no drawings on this line
have been made.

Mr. Eric Varley, the Minister
for Industry, told Parliament
earlier this month, after a visit
to Peking, that the Government
had agreed to further credit
facilities, supported by the
ECGD, which would centre on
an initial tranche of $5bn.

Diamond Shamrock sees rise

CLEVELAND — Diamond
Shamrock Corporation, the
Ohio-based energy and
chemicals concern, is ex-
periencing stronger business at
its major operations and as a
result expects to report higher
profits for the first quarter and
for the full year, according to
Mr- W. H. Bricker, president
and chief executive.

If business continues strong,
prospects for a dividend in-
crease next autumn are good,
Mr. Bricker said. Last October
the. board raised the quarterly
dividend to 37 cents from' 35
cents for the December pay-
ment

With the acquisition of Falcon
Seaboard Incorporated, Dia-
mond Shamrock earns about
half its profits from energy
operations and half from
chemical businesses. Both areas

will be more profitable in 2979
than for 1978. Mr. Bricker said,
and the outlook for future years
is favourable in both fields.

“ This is going to be an
interesting year, one in which
the company crosses the $2bn
mark in sales and sets a record
in dollar earnings," Mr. Bricker
said. The previous record for
earnings was $1 62.1m in 1977.

That would indicate earn-
ings of more than $3.10 a share
fnr the current year, just above
the $2.80 to $3 a share range
some analysts have been . pro-
jecting.

In 197S. Diamond Shamrock
reported net income of $131.1m
ot $3.26. After restatement for
the acquisition of Falcon Sea-
board last February on a p«l-
ing-of-interest basis, net income
was SI 44.7m or $2.77 on sales
of $l.S2bn.

Profits for last year will be
further restated for a change
in accounting for oil and gas
leases, Mr. Bricker said. The
change, in accordance with
Financial Accounting Standards
Board ruling number 19
requires the immediate write-
off of lease costs if a property
is not productive. The result
will reduce 1978 earnings by an
estimated 19 cents a share to
$2.58, he said.

First quarter 1979 earnings
will be substantially ahead of
the 1978 period, which will be
restated to around 39 cents a
share, Mr. Bricker said. Falcon
had a loss for the 1978 quarter,
and FASB 19 will reduce earn-
ings sharply for that period.
Diamond Shamrock originally
reported net of $28. 6m or 72
cents for the quarter.

AP-DJ.

Mexico plans big steel plant

BY WILLIAM CHfSLETT IN MEXICO CITY

THE MEXICAN Government is
studying the idea of building a
major plant to produce steel
plate and large diameter steel
pipe. In 1978, Mexico imported
458.000 tonnes of plate, worth
$227m, and S38.000 tonnes of
pipe, worth $438m. Most of the
imports are taken by Pemex. the
state-owned oil monopoly, for its
oil production programme.

Sidermex, the Government
holding company which oversees
the three state steel mills— Altos
Hero 05 *:Sicartsa and Fundidora
de Monterrey— is carrying out a
study to determine future
demand for, steel plate and pipe.

The new pliant could be built

at Las Truchas. on the Pacific
Coast, with a capacity to pro-
duce 1.4m tonnes of steel, lm
tonnes of plate, and with facili-
ties to manufacture large
diameter steel pipe. Las
Truchas is one of the Govern-
ment's recently announced
development ports at which
fiscal incentives are to be given
to encourage the decentralisa-
tion of new industry.

Sidermex has not announced
what the investment for. such a
plant might be or when the
derision to go ahead might be
taken.

, If Sidermex goes ahead it will

have to decide whether to use
the Hylsa gas-fired sponge iron
process or the coal-fired blast
furnace technology. Hylsa is
the leading private Mexican
steel company.

The Japanese are attempting
to persuade Sidermex to use
their blast furnace technology.
When the Mexican President,
Sr. Jose Lopez Portillo, went to
Japan last October, a Japanese
commission — including among
its members, the president of
Nippon Steel and the president
of the Bank of Tokyo— was
established to pursue possible
joint ventures In Mexico.

By Francis Ghilfe

PRICES WERE mixed in the
Eurobond markets yesterday. In
the dollar sector, the firm tone
remains and prices moved up
slightly on the day. In the
Canadian dollar sector, prices
were off, particularly at the
longer end of the market

Investors have been switching
out of seasoned Canadian dollar
bonds, particularly those matur-
ing between 1988 and 1992, to
buy into the more recent issues
which, for equivalent maturities,
offer higher yields. The prices of
shorter maturity Canadian bonds
fell by up to { of a point in
sympathy.

In the sterling sector, prices
were a little off in the morning
but came back strongly after it
was announced that the Mini-
mum Lending Rate would be
reduced by a full point to 12 per
cent Many seasoned issues
finished the day at their highest
ever levels: the recent issue for
FFI was quoted at 105J-105J.

But most bankers remain con-
vinced that current rates are still
too high to tempt UK corporate
names into issuing sterling de-
nominated bonds.

In the Deutsche Mark sector
of the bond market . a DM 150m
issue is being arranged for the -
European Coal and Steel Com-
munity by Dresdner Bank. This
issue carries a 12-.vear maturity
and an average life of 91 years.
The indicated coupon is 7 per
cent.

The DM 50m private place-
ment for the South African Oil
Fund has been priced at 99$
with indicated conditions — a
four-year and seven-month
maturity and a coupon of 8 per \
cent — otherwise unchanged by
the lead manager BHF Bank.

A DM 70m issue for Mitsu-
bishi is expected from Deutsche
Bank later today.

In the secondary market,
prices were essentially
urehnnged.

In the Swiss franc sector,
prices have stabilised in the
secondary market over the past
two days: some have even
moved up. The recent public
issue for Australia, which was
quoted ot f)5i on Wednesday,
had moved up to 95* yesterday
in mostly professional trading.

A SwFr 200m private place-
ment has been arranged for the
Republic of Finland by Banque
Scandinave en Suisse and Nord-
finaoz. This five-year bond car-
ries a coupon of 31 per cent and
a final price of par.

-This announcement appears as a matter of record only .

CONCESSION! E COSTRUZION1 AUTOSTRADE S.pJL

U.S. 1 75,000,000

Medium Term Loan

Guaranteed by

Istituto per la Ricostruzione Industrials

(I R l)

. . Managed by

Bank of Montreal

Banque de la Sodete Financiere Europeenne — s.F.E. Group —
Banque Generale du Luxembourg S.A.

Societe Europeenne de Banque S.A.

Sumitomo Finance International

Co-Managed by

Deutsche Girozentrale International S.A*

Tuns AG

Provided by

Bank of Montreal Banque Generale du Luxembourg S.A.

Soctete Europeenne de Banque S.A.

Society Knanciere Europfenne Finance Company N.V. — S.F.E. Group —

The Bank of Yokohama limited The Sumitomo Bank, Limited

Turis AG Deutsche Girozentrale International S.A.

Bank Leu AG Hyppbank International S.A. Mitsubishi Bank (Europe) SA.

The Yasuda Trust and Banking Company Limited
The Bank of Nova Scotia Channel Islands Limited
Banque Cominerciale pour l'Europe du Nord (Eurobank)

Copenhagen Handdsbank International SjL The Daiwa Bank limited

International Trade slnd Investment Bank S.A (I.TJ.B.) -

Japan International Bank Limited Santo Spirito Investments Limited

Banco di Roma International SA. Banque Canadienne Nationale (Europe)

Credit Chimique . . * MTBC & Schroder Bank S. A.

Provincial Bank of Canada (International) Limited, Nassau

■ Agent Bank

Sodete Europeenne de Banque S. A.

March, 1979

A-"

26

Financial Times Friday April 6 1979

IN THE UNITED STATES DISTRICT COURT
FOR THE EASTERN DISTRICT OF PENNSYLVANIA

In the Matter of

PENN CENTRAL TRANSPORTATION COMPANY,

In Proceedings for the
Reorganization of a
Railroad

Debtor 70-347

NOTICE OF EXCHANGE AND AVAILABILITY OF NEW SECURITIES OF
THE PENN CENTRAL CORPORATION

Pursuant to Orders entered by the United States District Court for the Eastern
District of Pennsylvania (Reorganization Court), the Plan of Reorganization (Plan)
lor Penn Central Transportation Company became effective on October 24. 1978
(Consummation Date), at which time the name of Penn Central T ransportation Com-
pany was changed to The Penn Central Corporation. First Pennsylvania Bank N.A.,
and its agent Fund/Plan Services, Inc.. Philadelphia. Pennsylvania has been named
Exchange Agent for the purpose of distributing cash and securities of The Penn
Central Corporation to the claimants entitled thereto pursuant to the Plan. At the
same time, the Reorganization Court directed that no distribution be made to hold-
ers of certain bonds which were the subject of appeals which had been filed by the
trustees under the indentures securing such bonds. For those appeals which have
now been finally resolved the Reorganization Court has directed that distribution
of cash and securities should commence after March 27, 1979.

BONDS NOW ELIGIBLE TO BE EXCHANGED

Holders of the following bonds will. upon 'surrender of such bonds, be entitled
to receive cash and securities of The Penn Central Corporation in accordance with
the Plan:

New York Central and Hudson River Railroad Lake Shore
Collateral Trust 3la% Bonds due February 1, 1998;

New York Central and Hudson River Railroad Consolidation
Mortgage' 4* Series A Bonds due February J. 1998:

New York Central Railroad 6 B .b Collateral Trust Bonds due
April 15-. 1990;

Penn Central 6ii% Coffateral.Trust Bonds due April 15, 1993;

Mohawk and Malone Railway First Mortgage 4% Bonds due
September 1, 1991.

EXCHANGE PROCEDURES

A Letter of Transmittal with instructions for surrendering any of the above
listed securities of Penn Central Transportation Company in exchange for cash and
securities of The Penn Central Corporation has been mailed to each holder of these
securities as of March 27, 1979, whose address- was known. These documents were
not mailed to many holders whose addresses are unknown, or whose identities are
not known because their securities are in bearerform. lfyou own any of the securities
listed above and you have not received a Letter of Transmittal, you may obtain a copy

by completing the form below and mailing it to the Exchange Agent Separate Letters
ol Transmittal must be submitted for each Penn Central Transportation Company
bond issue you surrender for exchange.

SPECIAL NOTICE CONCERNING BONDS NOT TO BE ACCEPTED
FOR EXCHANGE AT THIS TIME

There is a possibility that the treatment under the Plan for the following bonds
will be the subject of further judicial review:

New York Central and Hudson River Railroad

Refunding and Improvement Mortgage 4frib Series A
Bonds and 5% Series C Bonds due October 1, 2013;

New York Central and Hudson River Railroad Michigan Central
Collateral 3V:% Bonds due February 1, 1998.

The Reorganization Court has not authorized distributions to holders of these
bonds. The Court has reserved jurisdiction to authorize and direct the distribution of
whatever amounts of cash and securities to which such bondholders are ultimately
determined to be entitled as a result of the appeals or proceedings on remand after
the appeals. Consequently, at this time the Exchange Agent will not accept any of
these securities for exchange. If you deliver for exchange any of these bonds, the
Exchange Agent will return the bonds to you.

First Pennsylvania Bank N.A.
c/o Fund/Plan Services, Inc.
P.O. Box 8717
Philadelphia, PA 19101

Please send a Letter of Transmittal with Instructions in respect to the Plans of
Reorganization for Penn Central Transportation Company, Debtor, to;

Name

Street

(PLEASE PRINT)

City

.State.

.Zip Code.

Name of Bond .

14

Summary of our Annual Report 1978

1977

DM 2,864 million
DM 2,642 million
DM 2,362 million
DM 1,509 million
DM 110 million
DM 7,861 million

Companies
and Markets

INTERNATIONAL COMPANIES and FINANCE

Sharp recovery at Rhone-Poulenc

BY TERRY DODSWORTH IN PARIS

THE SECOND HALF of last These profits ' take into Thus, prices went up by only

veer sustained the first half account exceptional items of 2.5 per cent last year Avhile

>ear susiamea me nrsc nau ^ 160m from dis- volume, sales. rose by 5.5 per

recovery of Rhone-Poulenc , the posaJ ^ but were at the same cent, leading to an overall

French chemicals and textiles reduced by FFr 335m for improvement In turnover of 8

gr0U K P r ^refoPment ofite SSreSSStSSn expenses in the per cent from FFr 23.6bn
troubled textiles division began ^anyT l?5.5bn) to .FFr 25.5bn.

The accounts indicate that
Rhone-Poulenc has achieved
these improvements largely by
tightening up on its financial
controls and overhead costs.

to take effecL
Group consolidated

figures

released yesterday show profits
recovering sharply from
FFr 84m in 1977 to FFr 237m

(S55m). In the two years Apart from the overhaul of its
before 1977 the group ran up textiles concern, ft has been
losses totalling more than reducing its workforce steadily
FFr 1 . 2 bn fol owing a dramatic for the last two years and
slump from net earnings of expects to shed a~ further 5,000
about FFr 860m In 1974. employees this year.

investments being entirely
financed out of Cash flow. This
readied FFr L7bn against
FFr Lfiim in 1977 while invest-
ments came to FFr 1.41m.

The French parent company's
net profits, after provisions and
Tn line with the grnun's depreciation, and taking account
poltey of C overseas develS^t

now being pursued strongly m SSfgo o m fl tot? 5
the U.S. and Japan, foreign *** 8Z - 8ni in 1977 '
sales reached 59.9 per cent of

After the improvement last

companies in the group rose by 1 v,ew of - tbe -reorganisation,
8.5 per cent

the group Is to propose an
increase in dividends from
The group's debt financing' FFr 6 net of taxes to FFr 7 a
was also reduced last year, with share.

Linde
expects
more growth

By Andrew Fisher in Frankfurt

UNDE, THE West German en-
gineering and construction
group, is hoping for further
turnover aDd earnings growth
this year after a 10 per cent rise
in 1978 net profits to DM 37m
(319.6m).

If 1979 turned out to be a nor-
mal year, Herr Hans Meinbardt
said on bebalf of the manage-
ment board, turnover should ex-
pand at a broadly similar rate to
previous years and profits be
satisfactory. •

But events in the Middle East,
coupled with the possible effect
on public opinion of the nuclear
power accident in tbe U.S.,
showed just how vulnerable
energy supplies were.

Herr Meinhardt said that turn-
over, which increased by 9.5 per
cent to DMlfBbn in 1978. would
not grow sharply in 1979, but he
declined to make any definite
sales and profit forecasts because
of the doubts over energy and
exchange rates.

Last year’s record T -?«n 0 t. with
pre-tax profits up by nearly 13
per cent to DM 107m, has
prompted the board of the Wies-
baden-based company to pay a
special bonus to shareholders of
DM 1.50 to mark its hundredth
year in business, as well as a
m aintain ed DU 8 dividend on
the DM 50 shares. Shareholders
resident in Germany will
receive a total of DM 14.84
•Linde achieved a sUghtly
improved turnover of DM 373m
in the first quarter of 1979, but
the order inflow was 35 per cent
lower than the DM 426m of a
year ago because the compara-
tive figure included one major
petrochemical, plant order for
DM 300m.

The company plans to raise
its capital investments in 1979
over last year’s DM 91m,
slightly more than half of which
went on equipment replacement
and rationalisation, and to con-
centrate spending on its gas,
mechanical handling, hydraulic
and plant-building sectors.

Dutch engineer trims deficit

BY CHARLES BATCHELOR IN AMSTERDAM

VMF-STORK. the troubled Dutch
engineering group, almost
halved ats losses in 1978 with
the operating deficit falling to
FI 34.3m ($17.1m) from

Fl 59.3m. After making pro-

New orders in 1978 increased
by 15 per cent and year end.
order books rose by Fl 32m to
Fl 1.781ml

Political V and economic
developments an VMF’s most

visions of Fl 29m for restruotur- important foreign markets ** wiN

ing costs— sharply down from
the Fl 73.6m of 1977 — but set-

si gmfi can tly influence " the 1979
result and stringent policies to

ting aside 'FL 12.5m to meet un- restore profitability are still

necessary, the company said. It
will shut down any activities
which appear unlikely to be
profitable in ithe foreseeable
future.

_ The fun year’s figures show

which it now has a shareholding that VMF continued to cut its .

of just under 50 per cent after losses in the ‘second part of the compared with FlsTU2m in
the state participation. Diesel year after treporting on operating. 1977. Its balance sheet total
losses attributable to VMF were loss of Fl 24£m in the first 32 rose to FIs 4.1bn- from FU 3.6bn.
Fi 16.9m last year, compared weeks. Tbe Dutch government The bank’s credit portfolio, rose
with Fl 42.5m ’ has given the company a total of by 29.5 per cent "

specified political (risks, the total
loss was Fl 75.8m, against
Fl 132.9m ‘the year before.

VMF benefited considerably
from the deconsolidation of Its
Werkspoor diesel division in

Fl 235m in aid as part of a
Fl Ibn programme to revamp
the shipbuilding and heavy en-
gineering industries.

• The merchant bank sub-
sidiary of the Amsterdam-
Rotterdam Bank, ‘ Pierson,
Helding and Pierson, increased
after-tax profits by 45 per cent
last year as a result of higher
income from interest and
foreign exchange, an expansion
in credit portfolio and more
activities overseas.

Pierson posted an .after-tax
profit of FIs 16.3m . (58.15m)

Italy’s
state steel
losses
continue

Upsurge at Thomson Ericsson

BY OUR PARIS STAFF

THE FORMER French sub-
sidiary of Sweden's L. M.
Ericsson telephone group — now
known as Thomson Ericsson —
has reported stronger profits
and marked improvements in
turnover and new orders.

The company, which came
into the orbit of the French
Thomson-Brandt group in
moves three years ago to
** Frenchify” ■ the telephone
industry, almost doubled its net
earnings to FFr 30.3m (57.1m)
from FFr 15.6m in 1977. The
Board said the company had
marked its recovery “on both
the financial and the operating
levels" from the loss-making
position which Thomson
received as a legacy in 1976.

shareholders, . Thomson-CSF
(telecommunications and elec-
tronics .subsidiary of Thomson-
Brandt) and L. M. Ericsson.
The Swedish group retained a
minority interest after selling
part of its controlling stake to
Thomson, which also acquired
a smaller shareholding from the
other main , French electrical
group, Compagnie Generate
d'Electricite (CGE).

The move was part of a
double manoeuvre which
involves Thomson-CSF’ s taking
-majority control of one of
ITT-s French subsidiaries. Le
Material Telepbonique (LMT).

Thomson Ericsson’s turnover
was 20 per cent higher last
year at FFr 1.3bn (5300.9m)

several African contracts for
its “Axe" telephone exchanges.

The company is pinning con-
siderable sales hopes cm the
export market for small auto-
matic exchanges Two new
models at the bottom end of
: the range were brought on to
the market late last year.

• Generate de Service lofor-
matique a member of the CGE
group and a leading French
computer . services ' company '
has acquired a 60 per cent
interest in Seresco, a Spanish
company in the same field,
from the Banco Industrial de
Catalans. AF-DJ reports from
Paris. The - latest acquisition
will bring GSPs annual turn-
over, to more than FFr 60C-V.

. . compared with FFr T.lbn, . ..

The upturn resulted largely Inflow of nevrordersrwas np-tfi^Sereae orha s a -reported -2fr per-
from high te chnical standards per cent on' tire' previous year .'-cenf share- of the Spanish-com-
and the efforts of the two main at FFr. l_46bn. Orfers-rocluded puter Itervices market. ' .

Brasilvest SA.

Net asset value as of
30th March, 1979
per Cr$ Share: Cr$32.068

per Depositary Share:
U-S-$12^01.3<

.per Depositary Share
(Second Series):
U.5S12, 02121

per Depositary Share
(Third Series):
U.S.510,230.25

per Depositary Share
(Fourth Series):

U-S^S ,537.22

Dresdner Bank
earns more and
holds payout

Business Volume
Total Assets
Deposits

Bills and Advances
Capital

Consolidated Total Assets

1978

DM 3,149 million
DM 2,792 million
DM2,457 million
DM 1,832 million
DM 1 15 miQi on
DM 8,520 million

Cotegnefitankfurfe Ap3 1979

- Bjr Our Frankfurt Correspondent

DRESDNER BANK, the second
largest commercial bank in West
Her many lifted its net profit by
nearly -10 per cent last year to
DM 223m (51 18.4m) and is hold-
:n« its dividend at DM 9 per
D?I *0 share.

. v ”th tbe inclusion of the tax
to which shareholders in
Germany are now entitled, the
total distribution comes to
DM 14.06, the same as that
announced earlier this week by
Deutsche Bank. •

The dividend will . cost

Dresdner DM 153m, with the
remaining DM 70m of the
parent bank’s earnings going
into tbe reserves. In 1977, the
bulk, made a net profit of
DM 203m.

Th ra ban!*. which • will

s*5 full results next
• «*M yvteTSav that its

-*"*" 1 amounted to

-“**■' **-* r Rirr. . this comorised
->,» o-ot-i fn b n ste caoita) and
"V ’ '**■«» ono-i reserves.

- 1 -. -»»v a on** the eoun-
• *■ -*«*•*- T, "*-T‘M rf -*n-based

... rf "tun’ch,

~ ' * r r : s-> rf 17.3 per
■ :v. ! n la*t yppf’s net profits to
"VT 20m (542 ‘L‘un). It, too. is
■jsvte* a maintained dividend
'? DM 9 or IS per cent
The bank said it was satisfied .
"dth its progress in 1978. with
~rdit-.volam* up by some 13 per
•' v *nt to DM 17.4bn and the
'ta’ance sheet total ;by 17- per
'<*nt to DM 465bn. Bayernhypo
■j’aris to open offices m London
’nrt S* 0 P*ulo this year.
Tnc’ndin" sub^/aries, group
profits slipped from
^*1 t24m to DM tlWm. ..The
' n’- «!>'* 1977 figure bad

‘nfl.atrd by an extraordi-
profit from one of its. sub-
but declined to be
Tjr?p;cf». The group
' r-.v total last year

i'*> Tv> pearly 18 per cent

■ D3I 64..?bn.

SwM

fall in turnover at Forbo

SFf JOHN WJCKS IN ZURICH

GROUP SALES of the Swiss- Net profits of the parent com-
based Forbo -Group, inter-: pahy . Forbo AG. Zurich, was
national producer of floor and slightly lower last year. . at
wall coverings, dropped from SwFrl0.12m' (SwFr 10.44m).
SwFr 495m ' to SwFr 449m The bo*rd will Teconnnended to

(5264ml last year. . . ~ . the Mav 17. annital. general meet-

The group’s consoU dated net^ ^ ing' distribution of un^lterV
income fell from SwFr 16.11m" dividends . for the - year of
to. SwFr 15.25m (58.97m rafter SwFr 80 per “ A * ■ share and
increased fixed-asset deDreci- SwFr 240 per “B” share. .
ations of . SwFr 39-24m_® " Swiss insurance group
(SwFr 1724m). Consolidated . - _ . , ' . „

cash flow was thus higher at Winterthur .Versicherungen
SwFr 34.5m (SwF33-36rn). ». reports good results from an

The fail in turnover was a .. improving insurance , business
result of the Swiss francos for i978 Reuter, reports, from
8 “predation. Calculated at un- wiirterihur. Payments of claims

rrM «-«-«

SwFr 538m in 1978. Cashflow come, costs were kept m check
would then hive been at and capital earpings increased,
SwFr3«m and net income up to the board declares in a letter to-
SwFr 18.8m. shareholders.

Assuan te'ys 85 % of U.S. gro-p

BY BRIJ KHfNDARIA IN GENEVA _

SWISS watch-tnaking. groups 1 - quartz, c ystal resonateurs used-
As snag has -.bought an 85 per

quartz - and

in an American

the newest
digital watches. . - .

Assuag' j purchase reflects
components com- attempt by Swiss watch-
makers to fight back againSt the
increasing loss of their tradi-
tional _ export markets to

cent stake
electronic

pany, Statek Corporation
California. Statek, with a
turnover of 54m, specialises in

of

the maiufactnre of quartz con- America u and Japanese watch-
trolled leaf tuning forks and -makers.

By Paul Betts in Rome

ITALSIDER, ONE of Europe's
largest iron and steel groups
and the main operating com-
pany of the giant Italian IKI-
Flusider state steel holding,
reported yesterday losses of
L 348.5bn (541.48m) lastyear
compared with a loss of
L 395bn in 1977. ■

At the same time, Dalmine, an-
other operating company con-
trolled by IRI-Finsider, saw
its losses nearly doubted from
L 37.2 hn in 1977 to L 62.4bn
(57A28zn) last year. Despite
an increase in sales revenue
and \ a general re cove O' of
prices, this. nonetheless,
proved Insufficient to cover
the continuing heavy costs of
the two Italian state-con-
trolled steel companies.
Italsider’s debt interest- last
year totalled L 5Q6.4bn, or
the equivalent of 18.8 per
cent of the company’s turo-
- over which was L 2 ,692.9b n
($3.20bn) last year, repre-
senting a 14.6 per cent in-
crease over tbe previous year.
Dalmine's turnover Jast year
increased by 17.7 per cent on
a year-on-year basis to
L 419.7bn (5499.64m) while
~ debt interest rose from
L 42_5bn in 1977 to L 49.8bn.
The company's medium-term
debts rose from L 191.8bn at
the end of 1977 to L344.1bn at
the of last year, while short-
term debts were reduced
from L 150 bn to L 866b n over
the equivalent period.

Italsider last year produced
10.4m tonnes of steel while
- Dalmine produced more than
773,000 tonnes of steel tubes.
In a communique yesterday,
Italsider said depressed mar-
ket demand had continued to
bold back production which
last year was barely up on the
. 10.2m tonnes produced in
1977.

Italsider. which . has been par-
' ticularly hit not only by tbe
general steel crisis but also by
a series of structural and
flnanHai problems daring the
past two years, said “some
_ progress ” has been made in
the company's urgently needed
recovery programme.

However, it gave a warning that
unless the recently approved
financial and structural pro-
gramme for the recovery of
Italy’s state steel sector was
swiftly implemented, efforts to
bring Italsider back into the
■ blade, at least in the medium

• term, would be -seriously
jeopardised.

“The problem is made all the
more urgent in view of the

• -major financial and structural
intervention programmes now

• to course in all the. main
. Eurooean steel industries,”

Italsider said yesterday.

The recovery programme for
Italy’s state-controlled steel

• Industry, approved at the end
of last, month by the Govern-
ment’s- industrial planning
onrnTnittee. earmarks a total of

for the recapitalisa-
tion of Finsider’s ' trouble*
operating comoan tes. Of thf*
tot"!- xorae Tii. WHlhn is to
allocated' to Italsider, Italy's

• l*reest;steel group.

The biggest single restructuring
plan, costed at -L415bn. in-
volves Italsider’s steel plant at
BagnolL to “Naples. Bagnoli
has traditionally been Italsider’s
. . main liability, and the group
estimates .that the Naples
plant wfll lose a further
L30fJbn between the start and
completion of the restructur-
ing programme which is ex-
neefed to take about three
years. -

The recently approved state
steel recovery programme, due
to be officially published later
this month, indicates a 1 total
expenditure of Ll,190bn for
projects already underway:
about LI J28fl bn for new pro-
jects; L750bn for industrial
reconversion; and L1.750bn
for both the working capital
and redaction of short-term
debt of state-controlled steel
companies.

T> r o*j* s slip

*or Belgian
*nsrineer

By Our Financial Stzff -
ANOTHER YEAR of depressed,
trading was unveiled yesterday
by Ateliers de Constructions
Elecfriques de Charleroi, the
major Belgian manufacturer of
heavy machinery.

At the net level, profits for
’STS have slipped to BFr 52.8m
i5K8ml from BFr 71.1m sug-
gesting a sharp squeeze on
margins and leaving the com-
pany with a seven-year record-
that includes only four years of
actual profits, after tax-

Sales last year were virtually -
unchanged at BFr 12.8bn
(8430m)

Barclays Hank Internatio nal Limited
announce that with effect from the close of
business on 6th April, 1979, their Base
Rate will be decreased from 13% to 12% per

annum.

be decreased from 104% to 94% per annnrry

Tbe rfw rate applies also to Barclays Bank Trust Company Limited

BARCLAYS

I

V

i

9 ?

t

27

? A H

Friday; April 6 1979

-* COMPANIES and FINANCE

sse$

L n S

Vn^j < medium-term credits

fuii asl Fine terms for Brazilian bank

Write-Off : BYROSa4ARYBUWl

Byr I«n« 'Ent}i>.^Ber : .... .. ...

n>

v>

*. — .. *!*,>

„ • • • • v -BANCO NAdONAL da Desen-

ANSETT Transport Industries r^hrimento ■ Econflinico, - "the

has decideficta writ
entire iiwestmenii I vi£:

off ■ its | Brazilian state-owned develop-
Stayed- ment bank, is raising a two

finance ■ company Associated [ tranche $250m loan. The margin
Securities Ltd.; (ASL).-". This] jjver interbank rates on a 10

The deal is being led by the deutsche Landesbank at a
Bank of Montreal, which is spread of iF per cent As for
currently assembling a manage- 12 year credits, a spread of H
ment group. per cent was usual at the end of

Spreads on Brazilian credits ! ast year '
tve fallen particularly sharply This rate was breached in
** /} tiie star t of 1978 early February on the 12 year

ar SiUan £ “a"* coUoo ^

Februarv Nudehrai th« $400ra loan. Thislatter earned

■l -r- -

5iE

•-TOp.,. ■ >; 1 .

i -*i >■' ■

" r ‘-

■

- “ fSlS-..'

JtT . ; .

i-r ,, ; :v

r-y i.

-<%. wwaiuiuco ulu. *uxg- yvcT iqigrp ang ratfiS Ull a Xu e - • _ ; — w

follows -the release of theastt- >ear,?12Sm portion is * per cent — a s 5 a f?i^

mate by the- receivers of ASL and on a 12 year $125m portion J*} tiie J? r . 1 of 19 J®

=*-?■*. that, only _the -first iharae 2 Mnt «thj» 4c a ma ^ in °f 1 PET cent on a 10

that , only .the ;firet Charge f percent The grace period is
secured debenture - holders six years in cadi case. • i*
would be repaid; in' foil,, with -. m. M “

second charge ' debenture 25

holders receiving hack. . some {®L£L to
of .their principal, , borrower ^ current cy^e. 10

Ansett holds a 48.4 per- cent -T- ’ ’

shareholding In ASL in ordinary AUSTRALIAN -BON DS
and convertible ./preference n “

slwr^.fThe 7 Ansett .^rectors rn... a:

in ^ year Brazilian deal was common ZZ , * £.■ i

six, years m eafih case.* ;*■ in February Nudebras, the S40° ra ^ oan - This latter earned

.The terms on both tranches nuclear agency, broke the’l per a spread of i per cent for the
are .-the finest far. a Brazilian, cent barrier and raised a $50m first six years, rising to 1 per
borrower' in. the current; cycle. 10 year credit through West- cent for the following three

years and 1} per cent for the
rest

• The Algerian state oil com-
pany, Sonatrach is arranging a
$l25m loan through Deutsche
Bank, writes Francis Ghiles.
The borrower is paying a spread
of li per cent for ten years
with a grace period of 41 years.

Despite very favourable terms
this credit is not tied to German
export credits nor is it guaran-
teed by the German export
credit organisation, Hermes.

DISINVESTMENT IN INDIA

had already, written off AS9.4m - ' ■ . i

^(DSSlO.em), representing the ■ JL •
investment' is ordinary - shares
a!nd the reserves of assodatea CAN)
companies. The Ansett board Govern!
said, that after . considering^the mA thnri

comments of the receivers on ...

the ASL directors’ statement of “ ;
affairs, they J had also- decided from t
to provide in full for the A? 10m period
in preference" shares. This offers,
brings the total ASL write-offs Treasur
by Ansett to AS19.4m.

The directors said- that the . The c
Josses wonJd be- applied to a sped:
reducing shareholders’ funds federal/ 1

Tap system planned Public issue by IT

CANBERRA~The Australian pletion of legal and technical
Government is to change- its processes.

method of selling Common-
wealth bonds to a tap system
from the present method of
period cash and/or con version
Offers, Mr. John Howard, the
Treasurer, said. ' - ■

. The decision was approved at

The system proposed aims at
having three or four securities'
available for investors more or
less continuously through the
year.

The loan council will continue
to determine the maturity date
and coupon of the securities to
be issued on tap and will from

BY K. K. SHAftMA IN N£W DELHI
TUBE INVESTMENTS of India Investments of the UK; and has

market

two divisions — to manufacture

reducing shareholders' funds 1 federal/state Loan Council and.
rather than be charged against I the change is expected in .tiie
trading profits* V v second half of 1979 after cojnr

.iMM-tfltoJS timrto time ^ablish iSS

federal/state Loan Coundl and ^ xhin whicll ^ e]d

the change is expected in .the varied w ^ Federal Row™

second half of 1979 after com- me nt ^thou? ^heTconS

Aprll 16 with a public issue of bicycles and its parts, and steel
550,000 equity shares of KslO tubes and cold rolled strips.
each at par in order to comply The Indian company has two
with requirements of the subsidiaries manufacturing
Foreign Exchange Regulation chains and cycle lamps.

Act (FERA) and to finance a

Rs9ra project to manu- ^ turnt i^Sr . was

facture the structural. Z-Purlin. **£2** X s *- 9 ' m <•?“> “
The new plant will have a ? 9 ' 6

capacity of 6.000 tonnes a year. declmed to

The proceeds of the public Rs215.1m in 1978, as a result of

‘ r .-ca: v

‘. r 'v.

■=-

r.. j . ,«n,,:. ,! *4

. L . _ J' : 5;:.

J "hL5

JBk National
W*A Westminster
Bank

NatWest. announces that
with effect from Friday,

6th April, 1979,
its Base , Rate is reduced
from 13% to 1 2% ■
per annum.

The basic Deposit and |

Savings Account rates . . ;
will be reduced from- .1

10f% to 9|% per annum. i

tion with the states in the Loan issue apart, Tube Investments prolonged labour troubles in the
Council. obtained a loan of Rs3 3.5m bicy £ le dlvlsI . on - ^ company

The Reserve Bank wiU act as to finance the project, which is has P^ng an annual divi-

>r-

1 - T’- J“V

agents for the Commonwealth in expected to be commissioned den ^
°ffg*W bonds. in 1980. It will add Rs30m to 29 y '

The Loan Council also agreed the company's annual turnover. T b e
that the reserve bank would sell According to Mr. M. V. int ® r
Treasury notes by periodic Arunachaiam, managing direc- ar, o
tender, replacing the present tor of the company, its foreign be ?
system whereby, notes are avail- holding will conie down from “ ec °

dend of 10 per cent for the past
20 years. For 1973, however,
the company has declared an
interim dividend of 6 per cent

jy periodic Arunachaiam, managing direc- ® nd J?®. ? ew . shareholders wiU
the present tor of the company, its foreign be eligible for the final divi-

continuous

Goverament-determinecl prices.

Reuter

at 45.87 per cent to 40 per cent Mr. Arunachaiam says that the

with the public issue. The com- company's bicycle section has

pany is an offshoot of Tube

substantial unutilised capacity.
It hopes to manufacture 400,000
bicycles this year compared
with its licensed capacity of

700.000 bicycles. The licensed
capacity of the tube division is

30.000 tonnes and the company
hopes to produce 27,500 tonnes
this year.

GENOSSENSCHAFTUCHE ZENTR ALBAN K
AKTIENGESELLSCHAFT
Vienna

U.S. $40,000,000 Floating Rate
Notes Due 1983
For the six months
6th April, 1 979 to 9th October, 1 979
the Notes will cany an
interest rate of 1 0ff per cent, per annum.

Listed on the Luxembourg Stock Exchange.

By: Morgan Guaranty Trust Company of New York, London
Agent Bank

Dfi/run Dnnnia rise in the turnover to S$22.3m.
l>UUllI L/UUUld uiC also reported an extra-
. j ordinary gain on the sale of

TO SD6Q Zb% fixed^ assets amounting to

SS427.000.

By Our New Delhi Correspondent

DOOM DOOBiA Company, a William Jades
wholly-owned subsidiary of Discussions which followed
Brooke Bond Leibig (BBL) of the announcement by William
the UK, which has three tea Jacks and Co. (Malaya) that it
estates in Dibrugarh district of had received an approach from

Sharp gain
at Israeli
investment
company

By L Daniel in Tel Arhr

THE Israel-' Discount Bank'
Investment Company— the only
bank attached investment com-
- pany which invests heavily in
industry and takes an active part
in the management Of the com-
panies concerned — has reported
a record net profit for 1978 of
I£l07_2m ($S5m> to show a rise
of 121 per cent on the preceding
year. Net earnings per share,
after dilution,, came to 73 per
cent of the nominal value, as
compared with 43 per cent in

1977.

The corporation’s total assets
reached. I£8.6bn (5400m) at end-

1978, a gain of 58 per cent on the
year. Capital and reserves came
to I£4llm, up 67 per cent The
investment portfolio stood at
I£385m, a rise of 69 per cent-

j The division of investments was
47.7 per cent in industry, 30.6
per cent in banking, insurance
and services, ll.s per cent in
shipping, 7.9 per cent in real
estate, and three per cent in oil.

The value of the unit fund
portfolios managed by the cor-
poration was I£6.3bn, with the
assets having nearly trebled
since 1976.

Last December, shareholders
were paid a gross cash dividend
of 18 per cent plus 30 per cent
in bonus shares, against 18 per
cent and 25 per cent respec-
tively, for 1977.

Little change
in UIC profit

By H. F. Lee in Singapore
LEADING Singapore detergent
manufacturer. United Industrial
Corporation (UIC), has reported
group pre-tax profit of S$4.26m
(U.S.$1.95m) for the six months
ended January 1979.

The first-half figure was little
changed from that recorded
during tiie same period
previously despite a 6.3 per cent
rise in the turnover to S$22.3m.

UIC also reported an extra-
ordinary gain on the sale of
fixed assets amounting to
S5427.000.

William Jades

Discussions which followed
the announcement by William
Jacks and Co. (Malaya) that it

Assam State, plans to shed
26 per cent of its foreign eqjiity
holdings, so as to comply with
the requirements of the Foreign
Exchange Regulation Act
(FeraJ.

a party interested in acquiring
its 50.2 per cent holding of
Ordinary shares in William
Jacks and Company have now
been terminated, the company
announced yesterday.

xhe Mitsui Trust and
Banking Go., Limited

Negotiable Floating Rate U.S. Dollar
, Certificates of Deposit
Maturity date 6th October 1980

la accordance with the provisions of the
- Certificates of Deposit notice is hereby given that
for the six month interest period from 6 April 1979
to 9 October 1979 the Certificates will carry an
Interest Rate of 20 u /k% per annum.

Agent Bank

The Chase Manhattan Bank, N. A., '

London

CHANGE OF ADDRESS &
TELEPHONE

NOMURA EUROPE N.V.

HEAD OFFICE - AMSTERDAM

We are pleased to announce that we are moving
from Sarphatistraat 33-35, Amsterdam
to new premises which are located at

De Boelelaan 7

1083 HJ Amsterdam-Bnitenveldert

where we will be available as from
Monday 9th April, 1979

New Telephone:
General: 020-44 48 60
Forex: 020-46 21 50

Telex: (unchanged)
General: 36406 NOMS NL
Forex: 17083 NOMB NL

CLIVE INVESTMENTS LIMITED
1 Royal Exchange Ave^ London EC3V 3LU. Tel.: 01-2S3 1101.
Index Guide as at April 3, 1979 (Base 100 on 14.1.77)

Clive Fixed Interest Capital
Clive Fixed Interest Income

ALLEN HARVEY &ROSS INVESTMENT MANAGEMENT LTD.
45 ComhiH. London, EC3V 3PB. Tel.: 01-623 6314.

Index Guide as at April 5, 1979

Capital Fixed Interest Portfolio 104.50

Income Fixed Interest Portfolio 113.10

r i'i' .fT« a; i a 'V;

^ i*i' 1 i i n i i .'-iii Mg

If you choose the Central Billing
methodj the account is settled by a single

pounds simmg, no matter where or in what
currency the original transaction took place.
Unlike direcr debiting, this method allows
you time to check the figures before final

f.C'i*’ ■ ' ‘

;-.r: |

, • 'it';--,

Card Division, P.O. Box 68, Edward Streep
; Brigham, BhGlYL,E. Sussex,
i

‘ American Express Cards
for Companies

j To: The Manager, Company Cards, American

Express Company Card Division, P.O. Bcs 6$,
Edward Street, Brighton BN2 1YJL, E. Sussex,

Phase said me details oj Company Card Plans jor:

( | I SmaD/'medinmCampamcs.^Ij^ihmlOcaccaiiveg
’] — I regulariyitmirring trawl or anmainmcKeqpeiKcsi),

I 1 Medium' large Companies. [More than 10 executives
' — I regularly meaning travel or raeminmmi expenses),

'M'nmgMr^MrRjMgfMige

Preiriftll

Company Name and Address

c n a ■a to f> :

Financial limes Friday April 6 1979

IloydsBank

Interest Rates

Lloyds Bank Limited has reduced its Base Rate
from 13% to 12% p.a. with effect from
Friday 6th April 197 9.

The rate of interest on 7 -day notice Deposit accounts
and Savings Bank accounts is reduced
from 1014% to 9% p^u

The change in Base Rate and Deposit account
interest will also be applied from the same date
by the United Kingdom branches of

Lloyds Bank International Limited
The National Bank of New Zealand Limited

and by

Lewis’s Bank Limited

You don't have to be a ba nker
to benefit from reading

TheBanker.

Every monthThe Banker presents a unique review of the
world’s financial and economic news. Essential reading for
executives in banking; finance and industry, itsbalanced
viewpoint and broad approach to national and international
affair s has earned it a high reputation as a prime source of
important banking and financial information.

THE BANKER

1 the journal of international finance

Published by the Business Publishing Division of the Financial Times Limited,

Registered Office: Bracken House, 10 Cannon Street, London EC4P 4BY

Sweet smell
hard sell

BY COLLEEN TOOMEY

■WITH around 600 men’s and
women’s perfumes, colognes mid
eau de toilettes all jostling for
a share in the British market,
it is small wonder that manufac-
turers are 'fiercely competitive.
As one of the fastest growing
sectors in the cosmetics and
toiletries industry, fragrances
are now worth over £ 100 m m
annual sales apd are expected
to increase that figure by 15
per cent this year.

Recognising that money was
to be made in this generally
lucrative, but volatile, industry
some giant companies outside
the cosmetics world have dipped
in to take a share of the profits.
Many have, however, struggled
in recent years to break even
and only now, after considerable
rationalisation and reorganisa-
tion In some companies, have
losses turned to profits.

"The days of the small,,
imaginative entrepreneur are
over," one perfumerer said.
“It's up to the big boys— the
multi-nationals, which can afford
the gamble, and can afford to
invest time and money in the
hope of coming up with an ace.’

Ha arm atm and Reimer, a
Bayer subsidiary which pro-
duces fragrances for the indus-
try believes that this year,
manufacturers are “ at sea ” in
their attempts to produce that
ace.

So what was a new company
called Parfums Roberre,
launched six months ago under
the Elida Gibbs/Unilever
umbrella, thinking of when last
week it brought out the first of
three new fragrances ? Nino
Cerruti is a men's fragrance
range named after a leading
fashion designer in Paris. It is
up-market will initially only be
sold in a dozen stores in Britain,
and is unlikely to make much
more than a dent on the market
share list

So far, Roberre has spent
around £200,000 on research,
design and initial manufacture.
A similar amount has been
spent on “ theme ” advertising.
But like any fragrance, Nino
Cerruti's success hangs on a thin
thread of expert marketing.

Mr. Roy Callow, sales and
marketing director of Parfums
Roberre with 15 years’ experi-
ence in Unilever behind him,
is confident that the company
decision to sell the product as
an exclusive, up-market one
will pay off. “Success," Mr.
Callow says, “depends not so
much on launching a wildly
exciting product but on packag-
ing and presentation." The pros-
pects for making a successful
in-road in the men's market are
good: in spite of the centuries-
old habit of using perfume, it
has been only in the last decade

that men have more widely •
accepted perfumed products, led
on probably by the launch of
Shulton's Old Spice in the late
1950s.

The comparative newness of
mass-marketed men’s frag-
rances is i clearly Illustrated by : -
the amount spent on advertis-
ing. Last year only £2.75m was
spent promoting men’s products
against nearly £6m for women's
fragrances. However, a further '
45-50 per cent of advertising
expenditure . goes into- special
offers and in-store promotions.

I Cl took on Goya's operations
almost four, years ago from .the -.
Christopher Collins family. • It
cost around £lm and had a turn-
over of £8m.. Sales have sub-
sequently risen to £5m but the
company has only just turned
the corner after pre-tax losses
over the past two years.

BAT Industries’ cosmetics
division, including the Houses
of Yardley, Lentheric, Moray,
Cyclax, Jizveua, Germaine
Monteil and Tavache; manu-
factures over 3,000 different
items in 38 different countries.
Its cosmetics, companies com-
bined make - up the largest
British-owned group and out-
sell any other in the UK, with
a turnover in 1977 of £105m.

It was Yardley which sped up
the growth of the industry more
than a decade ago with its-
perfume mini-spray innovation.
The market was already recep-
tive to new ideas, largely
resulting from Avon’s door-to-
door selling techniques.

Unilever has also taken a
stake in the sector. Its Elida
Gibbs subsidiary, which makes
shampoos, toothpastes, bubble
baths, and sun glasses, among
other things, focused its atten-
tion on the perfume market in
1974 with the launch of a
women's range called Stowaway.
The following year it launched
Denim for men which, accord-
ing to Mr. Callow, then a
marketing executive, has been
“violently successful" and is
now one of the top three men's
fragrances.

A champion of the fragrance
industry is Revlon, a UJL com-
pany which in the spring of
1973 launched a new -fragrance:
that took the industry by storm.
It was christened Charlie. By
the end of last year it was
Revlon's biggest contributor to
sales and had the lion's share of
the market, . boosted by the
Charlie cosmetics range. Rev-
lon’s hunch that Charlie would
succeed as a. ‘ r young-sesy *
career-girl product paid off
handsomely arid produced a
spate of imitators, none quite so
successful -as the Revlon
originaL

Unilever’s. Elida Gibbs sue-

i ,y, f-w-'s. 1

Advertisement for one

needed with its Stowaway range
with almost the opposite
approach. Launched in Britain
in 1974, Stowaway claimed to be
everything Charlie wasn't:
escapist, romantic. In its first
year the perfume range made a
significant contribution to sales.
But the product turned out to
be ill-conceived. -

Stowaway was over-packaged,
under-priced and the perfumes
were regarded as “mediocre.”
After a complete overhaul the
following year the range was
successfully launched - in
Europe. Since then, Elida

Gibbs claims it has 2 per cent
of the UK market share, not
inconsiderable given the
number of fragrances on. the
market. As a measure of

Stowaway’s success — and deter-
mination not to loosen its
grip In the competitive -field —
the company spends around
£400.000 a year advertising the
product Its chief competitors
are Avon, with 12 per cent of
the UK market for its range
of products; followed by BAT’S
Lentheric,' Moray with 10 per
cent.

Denim, Elida Gibbs’ men’s
range proved even more
successful From its inception
in 1975 tiie fragrance has in-
creased its market share from
1 per cent to 8 per cent last
year (Meal figures). That
makes it third in the league
behind Faberge’s Brut with 24
per cent and Shulton’s Old
Spice with 15 per cent

The figures for the last three
months of 1978 give a slightly
fuller picture. According to a
recent IPC survey on .cosmetics
and toiletries, sales, -during
those crucial months before
Christmas put Faberge’s, Brut

of ICTs Goya products,
first with 4S per cent of the
market. Avon with 13 per cent,
Shulton's Old Spice with 7 per
cent and Elida Gibb's Denim
with 6 per cent were other
-brand leaders.

Those were the successes.
But currently there are rumours
in the closely-knit industry that
four companies are up 'for sale.

Reports in January that
French-owned L’Oreal was nego-
tiating to buy Helena Rubinstein
from Colgate-Palmolive were
finally quashed when both com-
panies admitted they could not
agree on a price. Any sale of
Rubinstein in Britain would
Involve Pfizer’s Coty, which
merged with Rubinstein last
September. Since then a mass
.- exodus of management in both
companies has taken place.

The departures following the
merger were described by
Helena Rubinstein as “purely
coincidental.” “ There are very
good people in the Industry, the
demand for them is great, and
the turnover in cosmetics
executives is high," a company
spokesman said.

Even with the loss of top

* managers, Rubinstein is con-
fident of turning Coty’s pre-tax
loss of £404,000 into a profit and
of boosting sales from its 1977
level of £10J27m.

The industry appears more
confident of the next few years
than some analysts. According
to one analyst, it will see little
growth — either in volume or

• real terms — for the next two
years before reaching a new
peak, similar to that of the mid-
1970s. Another, however, pre-
dicts further growth in sales
this year of between 12-15 per
cent. Time will tell,

GEOBANKING

The Manufacturers Hanover Wfay
of Worldwide Banking

Geobanking.

A massive copper mine in Mexico.

A nuclear plant for the world's largest power
/ company.

A shipment of grain for Eastern Europe.
Geobanking. e

it is money moving and working around the
world.

It is the Manufacturers Hanover way of
worldwide banking.

Unlike most major international banks.
Manufacturers Hanover does not enter a region
or a country with a rigid operational philosophy.

Instead, it adopts a way of banking that works
best for a particular place at a particular time.

Geobanking.

In some countries, it dictates the opening
of full-service banking offices, such as the •
Manufacturers Hanover branch in Frankfurt
in others, it calls for the setting up of a
specialized subsidiary, such as Manufacturers
Hanover Asia, Ltd., the Hong Kong
merchant bank. •

And elsewhere. It may mean reliance -

on representative offices working with
indigenous banking systems to form one ,
of the most extensive correspondent
networks of any CLS. bank.

Geobanking.

It is wholly responsive, since it fine-tunes
banking to national arid regional needs.

It is flexible, admitting swift adjustment to
changes In prevailing conditions.

And Geobanking enables Manufacturers
Hanover to marshal strengths from
the worldwide resources of a $40 billion
organization. •

The banking source.WMidwide.

Headquarters offic e 350 Park Arenac, New York, 10022

,

. TMes Friday April 6 m .'

Jv^-i

2ft

MONEY AND GOLD

•;. "v:. " •• - • -< -■ Vv

I

r

■2* r — ~ ■ ; • ‘ ‘ • .i:. •■ ,. , _ --x. , - _■■ .- ■ • •„* ‘ .

f - The dollar .and: st^tng'w&re
VYety L finn- -.in .the foreign
> CK^nge‘-.^Tnai35et..>: yesterday.

Trading was qulte^-busy in the'
^ftecntwa^ .with t&e ‘fibttod. rising
Viharptlitiaff 'tto- Bahk 61 * Engtthd
^■appeared '.to withdraw: friwa the
^market, apart' v - from thfe
^Kcasionali smootWog operation.
% Sted£ng*s.t»d&weighted index;
?.\as- calculated' by: the Rfmfc of.

Half-Yearly Statement

THE POUND SPOT AND FORWARD

Day's

spread

[■f.Eaglaud, rose to 66.7,_ equal to

K. - r- ■

wigiwffaaia

% i

oj a

../'*■ ^ CL.

'**53

-■’.5 &.***
'» Dir’rf A

> ■ ■

;n - c ‘?ej £

^

• “V .1^ ... * ■

-*

i:>

; ” **<*• fe

ILIRA

IȣAHE1fiHEBWBEX>

■w DEC JftH FEB MU APR

:ot :..-r

k n

;■ *. ;.'£*'***■•
"j . :' '*asr

r. ■ ■ ■* * .-
• ■■■

-the high toothed in February
. . last year. The noon and-ppening
- r quotations were unchanged from
• the previous close, at 6B.S-.

In terms of the dtoiar, . the
, .pound . opened at. $2-0665-2.0875,

■> and eased to ,n low point of
$2.0880-2.0870.' before touching.
.S2.0745-2.07S8 .'in the.. afternoon,

■ the best level since October last ;
- year. It dosed- at S2.0740-2.0750,

. * rise of 75 points bn the day. ■
The . . .dollar’s trade-weighted.

■ index, on - Bank. -of England
figures, was unchanged at 85.5,
but die. U.S.' currency rose. to.
DU 1.8870 .from PU 1.SS25

- - g V* 1 "-

agatiftt “ the : . D-mari^' 1 to

*WFr. H7I20 from: ’ SwFf ‘,1. 7055
against .-.the Swiss franc, and to
Y215.45 -from' Y214.60 in t£riP$ of
the Japanese yen. - . ■; ■

The Italian Jiw renww^; the
Strongest member • <rf* >- the

: European Monetary- S^tejm,

.appreciating - against its , ECU
1 central / rate,' by . IJH». - per , cent -
compared with 1.41 per cent on
Wednesday. Since. ’the system
.-began bn March 13 the Era has
'.risen by 3.01 .per cenfagainst
; tbe weakest member; the Belgian
franc," compared with "-MB- per
• cetit' previously.' '

-.The Jrish. punt! eased tp-J52.0400
from $2.0415 against the -dollar,
bur continued to, im prove against
the D-mark, rising to' BW ‘3-85
from DM JKJ0. Ttate Irish
currency also finned against most
.other, EMS members,' .“risuie

aaainst the Dutch Guilder tfl
FI 4.1425 from FI 4.1420, Against
the Danish krone to DKr 10 68
from DKr 10.67, and aeaixjst the
Belgian franc to BFr 60.85 from
BFr 60.80. -

Frankfurt— Dollar rose slishtly
to DM 15837 from DM 15227 at
the fixing. The Bundesbank did
not intervene. Sterline imoroved
to' DM 3.8970 from DM 35930.

Brussels — Dollar rose" ' to'
BFr 295050 from -BFr 29.7025.
and sterling to BFr 61.622!> from
BFr 61,59 at the fixing. ’ The
Danish krone remained slight lv
he»ow its EMS ceiling; “ at
BFr 5.6940, compared- with
BFr 5.6835 at Wednesday'&ftjtine.

Milan — -Dollar eased to-L841.45
from L842.45 at the fixing- Lira
improved against all / EMS
Currencies except the Irish punt.

Tokyo— Trading was : calmer
than of late, with the dollar- rising
slightiv to Y214.62} from
Y214.42I. There was no. si ga of
central bank interventioh.7

Aprils

U.s 2.06fibi07S5
Canada 2 3800-2.3800
Ncihlnd, 4.19-4.22 1 ’
Belgium 6t.B0-61JB
Denmark 10.81-10.88
I rcldtid 1.0115-1.0170
W- Gcr 3.89-3.92 1 ;
Portugal 39.80-100.60
Spam 140.70-141.40
l«lv 1.738-1,745
Norway 10.57.10.62
France 8.33-8.08
Sweden S.04-9.08
JPPB» 441-449
Austria 28.52-28.77
Switr. 3.51V3.56

Close

Ons month

p.S-

T tiros
months

2.0740-2.0750 0.28- 0.1 8c pm 1^3 0-57-0.47 pm

2.3885-2.3895 0.2MA0C pm 0.75 0.35-0.25 pm

4.21-4.22 2-1c pm 4.27 5^1 pm

61.80.61.50 Z5>15c pm 3.88 60-50 pm

10A4>4-10.85V 1‘jQre pm-^rs dls 0.55 Z 1 !-^ pm

1.0152-1.0162 0.05-0.1 Bp dip -1.18 0-30-0.4WI* ■

3. 91 V3. 32^4 2Vl»«flf pm 5.74 6>4-5 ] « pm

100.20-100.50 50-1 10c dis -9.57 140-260 dis -

141.25-141 JS Me pm -30c dis -0.42 25 pm-75dw ■

1. 743V1. 744*4 S«re pm-1‘j dis -0.34 pnr-2 dis

10.60S-l0.6l 1 ; 3V1\orapm 3.11 7V54 pm

9.97-8.98 4 -3c pm 4.68 9-8 pm

9.06*4-9.07^ Z^ora pm 1-tS 5*4-3’, pm

■W6*, -447*4 2.75-2.46y pm 6.08 6.95-6.65 pm

28.68-28.73 20-l0gro pm 6.27 50-40 pm

3 54 *,-3.55*4 3h*2 \cpm 10,56 W.-81 pm

Belgium rata is lot convortibio francs. Financial Ironc 62 S5-62 95.
Six-month forward dollar 0.05^).60q pm: 12-month 1.10-1. OOc pm.

THE DOLLAR SPOT AND FORWARD

Day's

April 5 spread Close Ons month

oki so^:o?sriro7W2:o7a'”o^CTfirpm

Ireland} 2.0375-2.0425 2.0375-2.0425 0.65-0.40c pm
Canada! 8fi.70-88.SO B6.75-8G.80

Ncihlnd. 2.0295*2.0315 2.0300-2.0315
Belgium 29.79*3-29.84 29.82-29.84

Denmatk. 5.2360-5.2385 5.2360-5.2375
W. Gar. 1.8835-1 .8865 1.8856-1.88®

Portugal 48.36-48.55 48.40-48.50

Spain 6S.10-68.3S 6S.20-68.30

tthty 841 .18-841 .90 841.20-841 70
Norway 5.1160-5.11BS 5.1170-5.1180
France 4.32564.3280 4.32BS-4J275
Sweden 4^785-4.3785 4^3770-4.3780
Japan 214.48-215.45 215.20-215 40
Austria 13.81V13.84 13. 83 VI 3 84

Switz. 1 .7045-1 .7095 1.7085-1.7095

% Three
p.a. months

Xartutna

0.05-0, 03c pm
0.63 -0.53c pm
9-5*zc pm
0.060. 55a re dis
0.80-0.70pf pm
35- 50c dis
15-2SC dis

pm 1.00
3.38 1.50-1.00 pm 2.45
0.55 0.12-0.09 pm 0.48 ■
3.4 3 1.75-1 , & pm 3.35
3.12 22-20 pm 2.81
-0.69 0.460.9Sdi8 -0.53
4.77 2.40-2.30 pm 4.98
-10.53 100-165dis -10.94
-3.52 35-50 dis -2.49

0.7D-1.1D lira dis -1.28 1.90-2.40dis -1.02

1 . 10 - 0 . 60 ore pm 1.99 2.25-1.75 pm

1.30-1 JDC pm 3.47 3.06-2.85 pm 2.73

0,50-0 .300 re pm 1.10 1.30.1.10 pm 1.10

1.0SJS.95y pm 5.57 2.70-2.60 pm 4.92

6*7-6VBra pm 6.31 18-16 pm 4.91

1.40-1 .30c pm 9.48 4.16-4.05 pm 9.60

t UK. Ireland and Canada arc quotod «n U.S. currency. Forward premiums
and drscouiTH apply fo iho U $. dollar and not to the individual currency.

CURRENCY RATES

CURRENCY MOVEMENTS

April 4

Bank

rato

%

Special

Drawing

Rights

European
Currency
■ Unit

Apr. 4

1 Bank of ! Morgan
England .Guaranty
Index {changes %

Sterling

1 15

0.619x43

i 0.650014

Sterling

66 7

. -36.0

U.S. s

i 9 -if

I 27989 ]

[ 1-34368

U.S. dollar

86.6

! -8.3

Canadian 3...

|UI«

1-47763

! 1.55546

Canadian dollar. ..

82.1

-15.5

Austria Sch.^

Unovail. 1

1B.554B

Austrian schilling..

146.7

! +19.0

Belgian F

|6

38.1411 I

[ 40.0186

Belgian franc

114.0

J + 14.2

Danish K |

[ 8 -

6.69702 ;

7.02893

Danish kroner |

[ 117.4

; +6.3

i 5

Guilder 1

6*s

2-69690 |

2.72672

193.6

+ 80.4

French- Fr_..

9*c

5.53424 |

6.80963

Guilder

124.9

-20.5

Lira

10*2

1078.31 !

1131.97

French franc

99.2

; -6.4

Yen

3lj

277.352 1

288.063

Ura

54.7

-48.9

Nrwgn. K

7

6 54856 ,

6.B7442

Yen

134.3

+ 33.2

Spanish Pea..
Swedish Kr-
Swiss Fr 1

8

6*2

l

87.11ig 191.4-708
5.59414 {5.87708
2.1B1B5 12.29040

Based on trade weighted changes from
Washington agreement December, 1971
(Bonk of England Index— 100}.

OTHER MARKETS

Apr. 5 c l

6

G

j Note Rates

EMS EUROPEAN CURRENCY UNIT RATES

•- £df.
central

.Currency
■ amounts
against ECU
April 5

% chengs

’from - ' •'

central Previous
rate 1*o change

Theoretical
- - % '
divergence
■ -4*mlt

-• -. --.Belgian Franc fa-

39.4582

40.0385 '

—1.45

—1.42

. . ~ Danish Krone ...

7.08592

7.03378 -

- +0.74

+ 0.80

ft.635

*'■ - 'It German D-mark

Z51064

2.53700 -

-0.80

-0.7S

'

-.7- - French Franc!.:..

6.79831

‘ 5.80797 f

-0.17

-0.20

• .t;±135

2.72077

-2.72633 '

-0.20

-0.W

+1.5075

0.662638

offintm

. +0.S8

+0.51

+1.885

i_ ’ Italian Lire

-1148.15 _

1130.43

f +T.56

+1.41

■£4.0725

Argentina Peso..
Australia Dollar..
Brazil Cruzeiro...
Finland Markka..
Greek Drachma..
Hong Kong Dollar

Iran Rial

Kuwait Dinar i KD
Luxembourg Frc.
Maiayala Dollar.
New Zealand Dir.
Saudi Arab. Riyai
Singapore Dollar.
Sth. African Rand

3307 2417
1.8640 l.B 680:
47.16-48.16
8.27-8.29
75.486-77.230

1165-1165 (Austria

0.8935 0.9004|Botgium

22.71-23.21 Denmark

3.9865-3.9960 (France

36.3fi-S7.24 (Germany

1 0.3 BOO- 10.2759 5. 0000-5.00 1 0 Maly

149.36-155.59 i 72-75 Japan

0.567-0.577 | 0.2771-0.2772|Nether1ands ...

61-80-61.90 i 29.84 29.86 (Norway

4.6860-4.5960 | 2.91 05-2.21 BBiPortu gal

1.9655- 1.9715 034 75-0.9505,5pain

6.91-7.01 (3.3710-3.3720 Switzerland ...

4.5455-4.5655 (2. IB 11-2.1960 United States.
1-7450-1.7550 ! 0.84 10-0.8460YuBOSlavia.

28-29
62*c-63ij
10.79-10.89
8.86-8.96
3.86 3.95
1,7151,785
440-450
4.15-4.25-
10.55-10.65
95 101
139 a 142.0
3.50-3.60
2.0525.2.0725
39*; -43

Rate given for Argentina is Irse rate.

EXCHANGE CROSS: RATES

-'•-'Ti L-

' Apr*. 6;,

Potind Sterling

tsmam

-.... '.i.' .

'2.075 ’

3.918

447-3

8.976

3 553

1744.

2.389

61.85

u js. Dollar . -.

• Q.-48*. _•

' : .x. .

: 1.888

815.6

4.326

1.712

840.8

1.152

29.81

-VGS55 ■*

:\ ! 0.530

1. •

- 1X4.2

2.291

0907

1.076

445.2

0.610

15.79

. . 2.238- .

4.638. -

8.759

1000.

■20.07

7.943

9.424

3900.

5.342

138.3

• 1.114. ..

8.311. - ;

4.356

10.

3.958

4.696

1943.

2.662

68.91

Swlsfc Franc ; , '

■ .. OJMJ1

0-534,'.

1.103

***• a

2.526

1.

1.186

491.0

0.672

17.41

0.257.

. .0498

0.929

108-1

2.129

0.843

0.567

14.67

- 0.673=7 7.

- , .V-1'.380'— *-•

— 2.246

.* 858-4

. 5 145

2.037

1 mm

1.370

35.46

0.419 •

- . 0.868 J .

1.640

. „ 187,2

3.767 V

. 1 487 _ '

. 1.764

730.1

1.

25.89

Belgian Franc 100 - j

a.617

3.354

6.334

7*5.1

^14J11

5.744

6.815

2820.

3.863

' 100.

.. : ■' / \- • ,

EURO-CURRENCY INTEREST RATES ,

The loHcniiH^ i poptinal rates were quotod for London dollar Certificates of deposit: one month 10.10*10.20 por cent; three months
months 1045-10.56 per cent: one year. 10.30-10.40 per cent.

10.25-10.35 per cants' six

Apr.s

tfihort term

7 day's notice.
Month

Three months^.— |
Six month*...- ....
One year-—— >

Long-tarm Eurodollar deposits: two : years 10VTOV P 0r cent: throe years 10-10*» per coot; lour years 10- 10V per cent: five years S^-lOV per cent nominal
Closing rates. Short-term rates are .calf for ’starting. U.S. dollars and Canadian dollars: two-day call lor guilders and Swiss francs. Asian rotas are closing rates
in Singapore. ■

I N TERN ATION AL CAPHTAL WARKETS

Milan Tates easier

Zn teres t rites shdwtfd -." am easier
tread in Milan -^esrirdiy,' and
with the exception bf ciU money,:
which gained -offered a t 103
per cent,' -perfod xates 1 were
quoted \ per cent low_eri ^,‘. The : .
one-month rate: fell to 11/ per
cent from 11$ per cent; the two
month rate stood at Hi .per cent
compared with 111 -per cent
previously arid ■ three^onth
money eased to 11J , per-cent'frqm
Hi per cent - .. . '
FRANKFURT — Interest-. rates-
showed a firmer tendency. :where ■
changed with call-money rising to
S.40-5.45 per cent troiii 5^5r35‘
per cent on Wednesday- - One- •
m onth money waS. also firmer. . at *

- 5.35-5.46 per ■cen t against 5.25-5. 35
’.per cent: while, the-.- three-month
■ rate remained -at 5:40-5.50 per
cent. Six-month money rose to
5.S0-5.WF per~ cent Trom .5.60-5.70
percent and 12^nonth money was
-unchanged at 5.80-6.00 per cent.

'.NEW YORK-— Continued heavy
demand for bills left the market
Somewhat-, short.' of paper with
keen interest in the shorter end.
13-week r Treasury, bills were -
quoted at ff.43. per cent with 26-
week bills - -ai '-. 9^7 per cent.
Federal funds traded. steadily in
the regioa nf O'S-lOi per cent.
BRUSSELS— Deposit rites For
\ffae Belgian franc '( commercial!
were quoted at 7, V7i per cent-
for -one-month- compared with

GOLD

Firmer

7^-7} per cent on "Wednesday and • J . _ vjj

71 fi>S -per cent against 73-8 -per J |

per

cent, fop ihree-month deposits.
The six-month rate stood at
SiVSJ per cent from S-Sf per
cent, with 12-month deposits
unchanged at Si-82 per cent:
AMSTERDAHV^-Interbank money
market rates showed very little
change yesterday and call money,
one aiid three-month money
were all quoted at -7J-74 per cent,
unchanged from previously.' The
six-month rate was also steady
at 7f7J per cent.

PARIS— -Money market “ rates
were 'steady throughout from call
money at 65 per cent through to
12-month money at 7 li-7 Jg per
cent---.

Gold rose 52 to close at S2401-
241 i, the highest level of the
day. It opened at $2401-241. and
was fixed at 5240.50 in the morn-
ing and at' S240.65 in the after-
noon. The krugerrand's premium
over its gold content narrowed
to 8.45 per cent from S.84 per

Apr. 5.

Apr. 4

UK MONEY MARKET.

Mmimuni Lending rate 12 %

Bank of England Minimum ■
Lending Rale 12 per c/ent
(since April 5j 1979) : i

The Bank of England reduced *
MLR to 12 per cent from 13 per.
cent yesterday, partly . in aft •
attempt to relieve the upward ■
pressure on sterling in the
foreign exchange market; Yester-
day's move represented the third
change this year in. -the rate,
having started the new year at
12 J per cent. Discount bouses
buying rates for three-month
Treasury bills were quoted, at
11-11 A per cent indicating * an

LONDON MONEY RATES

IffLR pf lit per; cent under the
•old formula.; ' :

' Day : to .day .credit! remained in
plentiful - -supply in. the money
market^ and the authorities sold
a large amount of Treasury bills
ali-'direct to the discount houses -
to ah&m* the surplus. Houses
were'- paying, up to. 12 per cent
for sectired cali loans at;lhe start
but" closing' balances were taken
more in the region of T-9*.per
cent. The market was faced' with

a small net take up of -Treasury
bills to finance, although this
was outweighed by a 'moderate

excess of Government disburse-
ments' wer revenue transfers, to
• the Exchequer' -.and a' small
' .decrease in th'e note .circulation.
Id -addition, - banks • brought
forward balances a fairly large
■’way above target.

!fn the interbank market over-
jiight "loans opened at 11-11} per
cent -and eased to. 9-9} 'per cent
"before briefly touching 9J-9} per
c&nt-and subsidising away to 3-4
per cent. Closing balances were
takerr-in the region of 6 per cent.
Rates, ou the table below are
V- nominal in some cases.

Apr. 5
1970

Sterling
Certificate
of deposit

Interbank

Local

Authority

deposits

Local Airth.
negotiable
bonds

Finance
Mouse _
Deposits

Company

Deposits

Discount

market

deposit

, Eligible
Treasury Bank
Bills 4- j Bins*

Fine
Trade
Bills 4-

Overnight -

;

3-114'

. — -

' -

Hi*

7-12

- ( —

— ■

5 days notice J —

—

1118-11^

—

— _

—

—

— j —

—

• days or„

1111U

ri 6 a *12

11T 3

' Ills

IQVll'*!

toe month

.1158-1 Hz

1160-11*1

18-1214 .

U «B

IS

;j*4

114 jUiVJlA

1218

Two months-

lisa- 11 *

1158-1118

—

U7b 12 1«

11?B

—

ui«

121?

n»re# months.

1189-114

llia-lliz

iiifi-iis»

USfl-llij

117?

18

,.ii

12!?

?Jx months ....

lUe-Uri

11-UV

10 i*

llpft

—

.

— jl01j-10ij

11 <2

Wie months—

iOB-Uii-

—

11b

—

. 1 —

—

One year....—;;

lOfMOfig

103* 11

lOSvll

lisa

—

jVro years

' — -

lUs-uu

• • "■

— ■

• T

rarea ■ nummany lornn re 1 * 1 -a re- 1

6111 rates in table or* 'buying ratce lor prime paper.
"Wniii trade bills 12 per wnt.

•Bank

; rour years uh,,,. uvu- ycuu >ii-ic uer cent, wean*

Buying rates ior four-month bank, bins lO^-IO*** par cent: lour-

trade bills 12 p«r cent.

Approximate selling rates -for one-month Treasury bills 11 *i» per cent: two-month 11 - 1 1 1 ! par cent; three month
10 u h-1i per cant. Approximate selling rate lor 'one-month bank biil9 cent; iwo-month 11 J *-11*i oar cam:

and ihree-month 11-11^ par cant one-month irada bills 111* per cent; two-month Ilk per cent: and throe-month 11V per
cent.

Finance Houses Base Hate* (published by the Finance Houses Association) 13 por
Peering Bank Deposit Rates lor small, sums at eawon days - notice 3 per cent. Clearing Bs
c,nti Treasury Bills: Average ’tender rates at discount 11.4397 per cent.

throe-month 11V per

com from April 1. 1979.
Bank Rates tor lending 12 per

Gold Bullion (fine euneei

Close S240J 4 241 i 2 S23B3 4 -23B1j

i£ 1 1 6.D 116.51 (£1 1 5.5- 1 15.Si
Opening ..... 4240 1«- 241 .5239-239^4
iC1l6.3-ll6.6i.jCHb.7-UB.lt
Morning - [SZ40.50 $239.80

fixing '<£11 6.3 4 ly i £ 11 6.047 1

Afternoon S240.65 '$239.75

fixing- '(CH6.31E) u£116.017t

. Gold Coins, domestically
KrugerTand. , S269i ; -263 1^16258 > 2 . 262ic
|(£126-127) li£lS5-127)

NOW 1667*8-69 >2 |S6T«-69l«

Sove reigneliCSB *s -38 *c) iii32ij.33iii
Old !s73*t-75'fc .973-75

8oval-BigndrC35l:-36isi H£3fil4-36i4l
Gold Coins, Internationally
Krugerrand. 15247 * 2 - 24 B *2 $246><-24B*4
t£l 13i 4 .T20i4»'iCl 19-lZOi
New- S62l4-64*4 £ 6214-6414

Sovereignsii£30.31i |i£3Q-51)

Old :373*2-75i2 (S73-75

Sovereigiul'C35*2-36lg) 4 C 354 36*«)
920 Eagles. .5317-322 £316^-321 1 2

S10 Eagles JS180- 185 S 182- 187
$5_Eagles....9ll9.i24 ,s 12 1-326 _

cent for domestic delivery, and
to 3.05 per cent from 3.40 per
cent in the international market.
. In Paris !he 12 i kilo gold bar
was fixed at FFr 33,675 per kilo
(S242.ll per ounpe) in the morn-
ing, compared with FFr 33.550
($241.33) Wednesday afternoon.

In Frankfurt the 12| kilo bar
was fixed at Dll 14,610 per kilo
($241.23 per ounce! compared
with DM 14,540 (S240.20)

previously.

MONEY RATES

NEW YORK

PrimB Ra*e 11.5-1t.75

Fed Funds .. 10.0825

Treasury Bills (13-weekl .. 9.43
Treasury Bills (H-woeO ... 9.27

GERMANY

Discount Rate 4

Overnight Rate 5.42S

One month 5.375

Three months 5.46

Si* months .. S. 6 S

FRANCE

Discount Rare 9.5

Overnight Rs** 6.5

One month 6.75

Three months ‘7

Six months 7.3125

JAPAN

Discount Rate 3.5

Call (Unconditional) 4.6875

Bills Discount Rate 4.675

The unaudited results of the Group for the half-year ended 31 December 1978
are shown below together with the corresponding figures for the half-year to
31 December 1977 and those for the whole year to 30 June 1978.

Half-year Half-year Whole year ■

Operating profit
Construction materials
Industrial and Commercial
Mining
Financial

Dividends on investments
Realisation of investments
Other revenue net of charges
Exceptional items

Share of profit or associated companies

Profit before interest and taxation
Interest payable

Profit before taxation
Taxation
Group

Associated Companies

Profit after taxation
Attributable to outside shareholders

Attributable to the members of Consolidated Gold Fields limited
Earnings per share (based on the average issued ordinary share capital)

to

to

to

31.12.78

31.12.77

30.6.7S

£milfioa

£ million

£ million

18.0

34.6

28.9

103

7.1

39.1

4.0

3.7

7.7

9.7

7.0

163

2 A

2.6

10.0

—

0.6

3.6

—

—

(11-9)

45.0

73.7

&5

6.6

13.8

53^

’42.2

8L5

SS

8.3

17.7

45.0

33.9

69.8

193

15.0

28.8

0.6

0.5

03

25JL

18.4

40 J.

3.8

3.2

5.6

2L3

15.2

34.5

r-Tii«

i ^

I=S

14.48p

U.85p

25.15p

...Sterling

U^. Dollar

Dutch Guilder

Swiss Franc

JHQ23HI

Asian 8

Japanese Yen

(d)

(e)

-'lOti-iiii
' ii-iii*

USiit

HrUlrV

10-10U
• 101 8 -103®
lOia-lOa* •
105s lOSe ;

- 101g-ia5«-'-.
IOsb-IOSs-

• 9k"10*s
flis 10hr
• . ~U>*-10ft . '

lOfifl 11-
J 105b^1 -
lOft-lOii" .

7i«'-7i a

65*6

• 6SB-6T8. .

• -87a-7>8

7-7**

7*«-7l(

M-St.

' >*-*

vV-jfc - •

li-Mlt

• . s**-5Je
. B*s-5*s

• 5'i-5ia

' &.■: -St*

612-654
■ 658-618
67 8 -7‘8

75?-77 a

8*4-812

8i-S-9rt-

7-10

10-11

101;-lll2

11*4-1214

115*1254

12*4-13**

SlJlO,;
io.M0f: :
10ji lOlff
1058-105*
1012-1050

5i?-B

57«.6,®-

3. Profit before interest and taxation

. Profit before interest and taxation increased by £1 1 .3 million
(27 per cent) to £53.S million. The principal factors were:—

(a) Construction materials
Increase £3.4 million (23%).

In the United Kingdom and the United States some increase
in volume resulted in increased sales and profits.

(b) Industrial and Commercial
Increase £3.8 million (54%)

This was mainly attributable to significantly higher profits by
Azcon as a result of improved steel and scrap markets in the
United States. Profits in the United Kingdom increased due to
a recovery in metals and minerals trading by Tennants and
. improved labour productivity and higher exports of beer
dispensing systems by Alumasc.

(c> Mining

Increase £0.3 million (8®£)

In. Australia, due to improved production and the continued
high tin price, Renison's profits increased. In addition, the
iron ore and mineral sands operations showed improved
performances but profits from coal mining were sharply,
reduced. In North America results were adversely affected by
expenditure at potential mining properties and increased
exploration activity.

\

Financial

Increase £1.9 million (19?£)

This was principally due to higher gold mining dividends.

Associated companies
Increase £1.9 million (29°£)

This was mainly due to higher profits in Gold Fields of South
Africa, reflecting increased dividends from the gold mines and
higher profits on realisation of investments sold to finance
new projects.

2. Net profit attributable to the members of Consolidated Gold
Fields Limited

The net profit attributable to the members of Consolidated
Gold Fields rose by £6.1 million (40 per cent) to £21.3 million.

3. Interim Dividend

The Directors hare declared an interim dividend of3.5J08p
per share (representing an increase of 10 per cent over that for

last year) payable on 31 May 1979 to holders of Ordinary shares
registered in the books of the Company at the close of business on
27 April 1979 and to holders of Coupon No. 125 detached from
Ordinary share warrants to bearer.

Dividend warrants wifi be posted to registered shareholders
on 30 May 1979.

Shareholders on the Johannesburg Branch Register of the
Company will be paid from the Company’s office at 75 Fox
Street, Johannesburg, in South African currency at the London
foreign exchange market spot selling rate for Rand at the close of
business on 27 April 1 979 or if no dealings in Rand are transacted
on that date, at the close of business on the day next following on
which dealings in Rand are transacted.

Holders of Ordinary share warrants to bearer are notified that
Coupon No. 125 will be paid:

in London at

. Midland Bank Limited, New Issue Department,

Mariner House, Pepys Street, London EC3N 4DA

or In Paris at

Lloyds Bank International (France) Limited,

43. Boulevard des Capucines,

75061 Paris, Cedex02, France

or in Zorich at

Union Bank of Switzerland.

8021 Zurich, 45 Bahnhofstrasse

on 31 May 1979 or at the expiration of six clear days after
lodgment thereof, whichever is the later.

4. Outlook for the year

a Gold and tin prices continue at buoyant levels and underlying
businessconditions for construction materials and industrial
interests remain sound, but bad weather conditions in the United
Kingdom and North America adversely affected operations in
these areas in the early part of the second half of the current
financial year.

49 Moorgale,
London EC2R 6BQ.

4 April 1979

By Order of the Board,
P.F.C3.ROE
Secretary

Consolidated Gold Fields Limited

■ This announcement appears as a matter of record only.

$50,000,000

1C Products Company

An 1C Industries Company

Subordinated Notes due 1999

We have arranged ihe private placement of these seairities.

WARBURG PARIBAS BECKER

INCORPORATED

A.G. BECKER INCORPORATED

April 1979

.Companies and Markets

WORLD STOCK MARKETS

' Financial Times .Friday April & 19/9

Further Wall St. rise of 4.5 at mid-session

Indices

NEW YORK —DOW JOKES

INVESTMENT DOLLAR

PREMIUM

$2.60 to £1 — 53J % (55J%)
Effective $2.0745 22 %{ (23} %)
IN REDUCED but still active
trading. Wall Sireet managed a
fresh improvement yesterday
morning! with some further
institutional buying taking place.

The Dow Jones Industrial
Average was 4.51 higher at
874.31 at 1 p.m., while the NYSE
All Common Index moved ahead
21 cents to $57.92 and gains out*
scored decliirmg issues by about
a seven-to-five margin. Turnover

Closing prices and market

reports were not available
for this edition.

amounted to 22.59m shares, com-
pared with the previous day's
heavy 1 p.m. volume of 29.14m.

Analysts said investors were
impressed by the market's
ability to ignore negative news.

The Labour Department
reported that wholesale prices
rase by 1 per cent in. March, the
same as February rise .

The market was also managing
to overcome concern about the
impact of the nationwide truck-
ing strike-lockout, but analysts
added that caution ahead of
President Carter's. energy-
message and the weekly banking
figures could trig gains later in
the day.

A number of Glamour and

Blue Chip issues gained ground,
as did some Gold, Chemical,
Gaming, Retail, Petroleum, Com-
puter, A aircraft and Transporta-
tion, shares. However, Motor,
Utility, Copper, Steel and
Aluminium issues displayed an
easier bias.

Many of the most active issues
were lower. Volume leader
General Public Utilities lost l
to S141.

Fairchild Camera receded 2}
to $395- The company has
periodically denied take-over
rumours.

AM International, which has
predicted a fall in fiscal third-
quarter net profits, declined 1 to
S15J.

Among Retailers, F. W. Woul-
worth gained i to $244 in active
trading, while K Mart put on i
to $251 nnd J. C. Penney 1 to
$291. but Sears Roebuck were
unchanged at $201,

.Among Petroleum issues,
Exxon added i at S535, Atlantic
Richfield 2 at $63S and Superior
Oil $S at $375. President Carter
was expected to announce phased
deregulation of domestic oil
prices in his energy message to
be made that evening.

THE AMERICAN SE Market
Value Index scored a further
advance of 1.53 at JS2.1S at 1 pm
on decreased volume of 3.00m
shares f 3.61m).

Oils were also strong on the

Ames. Petro-Lewis topped the
actives list and TOse 3 to S15J.
while McCulloch Oil put on J to
S6‘, Canadian Superior 2J to
S99i and Dome Petroleum 1J to
S1134. . u A ..

Resorts International A
advanced U to S49g on news that
its March net winnings at its
Atlantic City hotel/casino were
25 per cent up from the February
level.

d

Canada -

Shares on Canadian Markets
tended to move higher in fairly
busy early trading.

The Toronto Composite Index
put on a further 4.5 to 1,470.1^ at
noon, while Oils and Gas
strengthened 15.1 to 2,223.6 on
index. Golds gained 3.2 to 1,569.9,
while in Montreal. Banks moved
ahead 4.01 to 3I0.7S and Utilities
0.52 to 21S.15. but Papers
declined 0.25 to 159.82.

Among Oils, Shell Canada
hardened i to CS19J. Texaco
Canada J to C$573 and Gulf
Canada l to CS4S.

Hudson's Bay was the most
active Toronto Industrial, up i
to CS33] oo 85.S50 shares.

Inco were off 3 to C$233, but
Transcanada Pipe gained { to
C319Z.

Bank of Montreal rose 2 to
CS25i. Royal Bank J to CS40J
and Canadian Imperial Bank j
to CS27I.

Tokyo

With investors continuing to
make selective purchases after
the market's recent widespread
setback, stocks again finished on
a mixed note after a fair turn-
over.

The Nikkei-Dow Jones Average
recouped 9B2 more to 6.049.00
and the Tokyo SE index
hardened 0.4S to 441.92, although
losses outnumbered rises nn the
First Market section by 335 to
268.

Export-orientated issues con-
tinued to find favour on consider-
ation of the recent dollar appre-
ciation against the yen. Matsn-
shita Electric moved ahead YS
to Y67S, Sony Y6Q to Y 1.870.
Pioneer Electronic Y40 to
Y2.20O, Canon Y3 to Y576. and
Honda Motors Y9 to Y504.

Some Steels and Heavy Elec-
tricals attracted “cheap" buying,
while Oils, Coals and Non-ferrous
Metals also Improved.

Nippon Oil featured wilh on
advance of Y54 to Y907. while
Nippon Steel gained Y2 to Y124,
C. It oh Y15 to Y2S2. Chlnoo YI3
to Y405 and JAL Y30 to Y2.890.

Amsterdam

Mainly narrow irregular move-
ments occurred in moderate
activity, although VMF Siork
advanced FI 4.40 following a
reduced loss for 1978,

Van Onuneren shed FI 1 ahead

NEW YORK

', Apr. : Apr.

Stock 4 { 3

Abbott Labi 33*8 33

AM International IB's , 18 i 8
Adobe Oil ft Ou. 24 , 25

Aetna Lila A Ca..: 45«a *5J»

Alt Products. i 28 2?7g

Alcan Aluminium- 36*« < 36ig

Alcoa. 54ia , 54Je

Alleg. Ludfum , 17Sg 17 5«

Allegheny Power 16*2 - 161*
Allied Chemical... 35Ss | 535*

Allied Stares 22'« : 21*e

Allis Chalmers. . 33U ; 33b

AMAX 53 >4 . 63

Amerada Hess....: 32*8 31b

Am er. Airlines.... I 135s 13 b

Amer. Brands 55*« 56 1*

Amar. Broadc'st.| 35a» 35 k

Amor. Can i 376a 37b

Amer. Cyan am id 25 *4 255n

Amer. Diet. Tel... 34 b 23 J*
Amer. Elect Pow 22 22

Amer. Express... 31 31 b

Amer.HomeProtl 26b 26b

Amer. Medical...' 275a 27b

Amer. Motors.. .. a** 9 b

Amer. Nat Res... 40 40b

Amer. Standard.. 46 *g 45b

Amer. Stores 54 *» 54 b

Amer. Tel. ft Tel.. 61*4 61*8

Ametek 33*a 32*4

AMF. 17 b 16i*

AMP 327 b 32i*

Amplex 15T( 16

Anchor Hocking. 27 26b

Anheuser Busch. 24 b 34b

Aimco 22 21 >a

A.S-A. 25b 24 Tg

Anamera Oil 15*8 15i&

197g • 20

Ashland Oil 44b 44b

At Richfield 65b 62 6a

Auto Data Pro.... 32 . 31

A VC 10b . U

Avco 226a 82b

Avon Products.... 47 47b

Balt. Gu Eteet... 24b : 24s«
Bangor Punta .... 20b ' 195»
Bank America.... 25b 25J«

Bankers Tr. N.Y.- 35b 35

Barber Oil ! 31*4 31

Baxter Travenol. 38 b 39 b

Beatrlc Food 21 U 21b

Bact’n Dick' nson'. 35b . 34

Bell ft Howell 16b -■ 16 *b

Bendix ■ 397» 397 b

Bonguet Con* “B, 3*s 3 b

Bethlehem Steeli 24 , 24

Black ft Decker.. Sir* • Bib

Boeing 67 ; 67

Boise Cascade.. 35b 35b

Borden 267s 26b

Borg Warner 28b I 27)a

Bran iff Inti 12b ! 12b

Brascan 'A' 197a 19 b

Bristol Myers ' 34b , 34*2

Brit Pet ADR. 24* s : 24b
Brockway Glass., 187a . 18 b

Brunswick 14b j 14b

Bucyrus Erie 20i* : 20b

Bulova Watch.. .. 10 \ ID

Burlington Nthn. 44 *a ! 45b

Burroughs , 71b 72

Campbell Soup .. S**» • 34 b
Canadian Pacific 24b • 24 U
Canal Randolph 14b ! 15b

Carnation 27** , 26b

Carrier ft Gener.,' lib U'i
C arter Hawley ...' 17*4 : 16 jb
C aterpillar Tract' 5Bb '• 59*s

CBS 46 , 45b

Celanese Corpn. 46b ' 46b
Central ft S.W....I 15a* 15**

Certalnteed 17 16 b

Cessna Aircraft. 18b 18b

Champion Inter . 24** 24 b

Ch'se Manhattan 31b 31*a

Chemical Bk. NY; 37b 37 b

Chesebugh Pond 23b 23b

Chess re System.. 30b 30*4

Chicago Bridge.. 47 i B 46**

Chrysler 10* B 10*e

Cine. Mllacron. .. 56% .35b

Citicorp - 22*i 23

Cities Service 61*s 61

City Investing.. .. 15*g 15b

Cleveland Cliff ... 31*8 31 b

CacaCola ..: 41*» 41b

Colgate Palm _... 17i s J6.‘#
Coilms Aikman ... 9*g , Bb

Columbia Gas..... 27»g • 27
Columbia Piet.. . 24b i 25
Com.lnsCo.ofAm lBtg IB
Combustion Eng. 39*8 * 3B7g
Combustion Eg. 11*8 lib
C'M'wth Edison- 25b 25b

Comm. Satellite . 43 42 b

ComputerSeienc- 13b . 13*8
Conn Life Ins .... ' 37b 36b

Conrac 17 'a • 177 a

Con. Edison NY... 237* 24

Consol Foods 1 221, 2Br a

Consol Nat. Gas- 40lg , 39*4
Consumer Power 22b 22 b

ContinentaJGr'up 28s* i 28 1 =
Continental Oil . 34 u • 34
Continental Tele 16Jfi ' 16b
Control Data .... 34 l* 34*3
Cooper Indus 46*8 . 4fi*a

Apr. ' Apr.

Stock 4 3

Corning Glass .... ; S7b 57
CPC int'mation'l 6l*s - 62

Crane Co 51*8 31

Crocker Natl : 29 b ■ 29

Crown Zeilerb'h. J4S* 54*i
Cummins Engine 37 37'ig

Curtiss Wright.... 15b 15

Dana • 26)« 26b

Dart Industries..' 41 b j 41

Deere I 36b 35b

Deltona ; 13 1 13*b

Dontsply Int- I 17 : 17*8

Detroit Edison,...: 14b I 14=4
Diamond Shmrk! 23 22b

DiGlorgio Corpn.' — , —

Digital Equip 55 b 56*8

Disney (Walt) - 39*8 I 39b

DoverCorp'n i 50b ' 4flb

Dow Chemleal...i 28b 2Bi«

Dravo 28 28

Dresser I 44*« ! 43b

Dupont .1142b 11417s

Eagle Pltcher.,...j 23b ) 23Tg
Eastern Airlines. 1 . as* ; 3*8
Eastman Kodak.. 65 b l 66
Eaton 1 36 b i 36b

E. G. ft G

El Paso Nat. Gas.'

Eltra. ;

E m erson Elect ri ci
EmeryAirFraight
Em hart

E. M.I

Engelhard

Esmark

Ethyl

Exxon

FairchildCamera :
Fed. Dept. Stores'
Firestone Tire

First Chicago

Fst. Nat. Boston .<

Flexi Van

Flfntkote

Florida Power ...
Fluor

F. M.C

Ford Motor

Foremost Mck....'

Foxboro. -

Franklin Mint....
Freeport Mineral

Fruehauf

Fuqua Ind*.

C.A.F

Gannett

Gelco

Gen. Amer. Inv...

G. A.TJL. -

Gen. Cable

Gen. Dynamics..,.:

Gen- Electric

Gen. Foods

General Mills

General Motors-

Gen. Pub Util

Gen. Signal

Gan. Tei. Elect..,.

Gen- Tire

Genesco

Georgia Pacific--

Geosource

Getty Oil

Gillette '

Goodrich B. K.....;
Goodyear Tire. -I

Gould '

Grace W.R.

Grt.AtlanPacTea
Grt. North Iron-

Greyhound

Gulf & Western...,

Gulf Oil ;

Halliburton.., ■

Hanna Mining-..:

Harnischfeger

Harris Corpn

Heins H. J I

Heublein

Hewlett Packard
Holiday Inns. ... .,

Homestake

Honeywell ,

Hoover

Hosp-Corp. Amer
Houston Nat. Gas I
Hunt (Ph.Ai Chm'
Hutton I E.F.* j
l.C. Industries.—!

INA ;

ingersall Rand ...i

Inland Steel

Insllco I

31 , 30*4

18b ' 18b
29b 29 b

34b ' 33b

18 b IS 'a

36 35*s

2b 2*8
38*8 • 38*a
26*4 267 b

24*« . 24 b
63*« 83 b

42b • 46U
31 31b

13*8 • 13
18b ' 18b
26bi 27b
16 *b I?
35*1 J 357 B
30b ' 30b
407 a • 40b

25*a ' 23b
44b i *3b

19 I 18*4

33 33

7b •' 7b
42 b 42
301g i 30b
11*8 I Ub

lib ’ lib
<3L S ! 427 S

27b I 27
10*8 i io*a
257* . 25*4
171- ; I7r«
33*4 33 b

47b 47 b

326a I 32*«

24 b 24b
58b , 577,
14*a , 143,
28b ! 28b
28l 3 1 28 b
25b , 24b

4b ! 4b
29 ■ 29b

35 b 35b
45 b . 44

25 24*8

19b I9?«

17 . 167 8

25i b ! 25*8
29*e I 28*.

7 J- ; 7*b

26 ! 25b
12 ' 12
15b : 15b

27 26* 2

59 b . 69b
37b ! 36*a
13*8 14

2758 , 27*e
39 40

28b ' 28b
95 96b

16*8 16*8
33b : 33I S

6B*g 68b
10b , 10*4

28 27lg

29 28b

14b 15

17b 17b

S6 *b 267a
45 45b

51*8 51b

39i a ' 39*8

ISb 12b

Apr. Apr,
Slock 4 3

Johns Manvilie... 24&e 24*8

Johnson Johnson 70>« 69*8

Johnson Control. 30 b 30
Joy Manufacturg 34 b 34 b

M. Kart. 245, 24b

Kaiser Aluminl'm 20b 20s*

Kaiser industries 2i, 2b
Kaiser Steel. •• 29b 297®

Kan eb Services- 16b 16b

Kay 16l 3 lSl a

Kennecott— 24b 24*®

Kerr McGee 49 b 50 $b

Kidde Walter 31b 30b

Kimberley Clark 47S, 47 *b

Koppers 20b 21b

Kraft 44b 445,

Kroger Co 40b 40b

Leaseway Trans. 19b l 9 b
Leri Strauss....... 47b 47

Libby Ow. Ford. 25b 24 ? a

Liggett Group. -3B7 b : 36*8

Lilly (Eli) 54*s ! 537 b

Litton Industries 245, 24 b

Lockh'ed Airerft' 22b j 22b
Lone Star lnd'sts 23*a ; 237 B
Long isl'nd Ltd... 15*, j 16?a
Louisiana Land - 27i a , 27b

Lubrizol 44*a . 44

Lucky Stores 17 . 16*2

MacMillan • 17** 167a

Maey R.H 35*, ' 35 b

Mfrs. Hanover ... 33*a . 33

Mapca 321 b SI*,

Marathon Oil • 66*8 ' 65

Marine Midland., 15b 15b

Marshal Field 17*} : 18

Marsh McLenn'n, 6lb ! 61b

IBM 317.5

Itnl. Flavour ' 23b

Inti. Harvester ...- 39 <a
Inti. Min ft Chem 45b
Inti. Muitifoods..' 19»8

Inco..: 20b

Inti. Paper 45b

Inti. Rectifier.... • 13b

Inti. Tel ft Tel • 29l s

Iowa Beef 44 b

IU International.; lib
Jim Walter 3 i*a

MayDept- Stores

MCA

McDermott -

McDonnell Doug-

McGraw Hill

Me mo rex

Merck

Merrill Lynch.....
Mesa Petroleum.

MGM

Minn Ming&Mtg

Mobil Corpn.

Monsanto...

Morgan J. P

Motorola——

Murphy 0(1

Nabisco

Nalco Chemicals
National Can

Nat. Distillers.—
Nat. Service Ind..
Natlonal Steal....

Natomas

NCR..

New England E„
New England Ta
Niagara Mohawk
Niagara Share...
N. L industries. ■
Norfolk AWest'n
North Nat Gas...
Nthn. States Pwr
Nth west Airtiner
Nthw'st Bancorp

Norton Simon

Ocoident'l Patrol
Ogifvy- Mather. -

Ohio Edison

Clin

Overseas Ship. ..
Owens Corning...'

Owens Illinois.

Pacific Gas

Pacific Lighting.
Pan Pwr. ft Ltg...',
Pan Am World Air.
Parker Hannifin..

Peabody Inti

Penn Pw.&L.

Penney J.C„ •

Penn wait — 1

Pannzoil

Peoples Drug

Peoples Ga*

Pepsico

Parkin Elmer 33 b

Pfizer 31b

Phelps Dodge .... 28b
Philadelphia Els.,; 16b

Philip Morris 67 b

Phillips Petro'm. 34*a

Pillsbury ' 36

Pitney-Bowes 26*4

Pitts ton 21*8

Plessey Ltd ADR. 22b

Polaroid 39b

Potomac Elec.... 13b
PPG Industries 27b
Procter Gamble 81
Pub, Serv. Elec- 2l5a

Pullman— 32sg

Purex 15*s

Quaker Oats 24 b

Rapid American. 15*8
Raytheon—...... 46

RCA 27*»

Republic Steel. J 272a
Resorts Inti 4Bb

247 S 24*a

40 40b

19)4 19 '

31*8 ' 307b
25 I S 1 25&*
345b 3688

67b 66*s

19*a > 19 Ir
44 44*b

22b 1 23*8

59b 59b

75*8 745a

51b 61b

45*8 451,

38b . 38b
47b 47

23*e 23ss
32b ' 32 b
19b 19b

' Apr. ' Aor.
stock 4 ; 3

Revlon ' 49 b ! 49i,

Reynolds Metals.' 38 : 37*8

Reynolds RJ ' 38b i SBb

Rich 'son Merreli.: 23 b t 23b
Rockwell Inter...; 39b 40 b

Rohm ft Haas • 37a« ! 37b

Royal Dutch 677$ ; 6B

RTE 10*8 lose

Ross Togs 10b I 10

Ryder System 24 b • 24 1«

Safeway Stores.. 42 ?g ! 42 b
St. Joe Minerals. 27*s ■ 27b
St. Regis Paper— 31 I 31b

Santa Fe Inds 375a ! 37sa

Saul Invest 8b 8 *b

Saxon Inds 5*8 ; 5*,

Schiltz Brewing- 106a I 10b
Schlumbarger— 105Sa >105 b

SCM 23b I 23

Scott Paper 185, ! 18b

Sccvil Mrg ■ 20b ( I9l B

ScuddarDuoGap B*a i 8*a

Sea Containers...; 21 20 sb

Seagram 33 • 325s

Searle 15*s , 15b

Sears Roebuck...: 20b • 21b

8EDCO ' 38 , 32

Shell Oil : 38 b 38

Shell Transport... 635, • 64

Signal 26*a ' 257 b

Signode Corp 32*s 313,

Simplicity Pat — lib ' H*a

Singer •' 13b 13b

Smith Inter. 54 : 53

Smith Kline 97b 97b

Solitran 4 4 *b

Southdown 4 2b '.42),

Southern Cal. Ed. 26b ) 26

Southern Co 13 b 13*8

Southern Nat Res 39*4 ; 39*4
Southern Pacific!’ 29b : 29**
Southern Rail w‘y' 523, 1 52*,

Southland 27*8 27b

S'w't Banshares., 23b 23b

Sperry Hutch 17b IB

Sperry Rand 50b 50*a

Squibb 34b . 34*8

Standard Brand. 237e 24b

Std.Oil California 486s 40b

Std. Oil Indiana- 62** 61 »b

Std.Oil Ohio ’5038 497 8

Stauff Chemical. 42b 42

Sterling Drug' 18b . iSb

StorageTechnlgy, 38b 38*4

Stud e baker Wor. 30 b 32

Sun Co 49 48

Sundstrand 34 23*,

Syntax. 34*8 34*8

Technicolor 133* ; 15 Sb

Tektronix 55 ! 55b

Teledyne 124 ,125b

Telex S7 8 5b

Tenneco 325, 33

TesoroPetr'Ieum. lib ; HU

Texaco 26b I 26b

Texasgulf 24b • 24b

Texas Eastern. .. 43b . 43*8

Texas Inst'm 1 8B ! 87

Texas Oil ft Gas- 39 3B6«

Texas Utilities.... 19b . 19

Times Inc. 39s« : 3aig

Times Mirror 30 ; 29b

Timken 56b ! 55b

Trane 18** . 18 *b

Tran, America.... 17&* ! 177 B

Transco 27b : 27b

Tran. Union 29*8 1 29b

Transway Inti.... 21 b 21b

TWCorp 17b 17 b

Travelers 37*a 37*a

Tri Continental... 1 18b 18

Triton Oil ft Gas.; 5b 5b

TRW 35b 35

20th Century Fox, 39b 38*,

U.A.L. 26b 26b

UARCO Bits : 515a

UGf IBig , Mb

UNC Resources... 18b 19)*

Unilever 52b ; 62b

Unilever NV... 63 b < 63b

Union Bancorp.. ■ 32b 32b

Union Carbide. . 39b 39 is

UnionCommerce 9 Jb 9*8
Union Oil Calif.... 66 ; 65*8

Union Pacific ..... 62 60b

Uniroyal 7*a 7U

United Brands... 9>s 9b

U$ Bancorp , 30 >b 29b

US Gypsum 29b 1 29b

US Shoe 22 b i 22

US steel- 84 b 24 b

Utd Technologies 37 b 37
UV Industries— . 36b . 36b

Virginia Elect 13 . 127*

Wagreen 26b ! 26b

Wallace Murray . 23 b 23
Wamer-Commn- 36b 36*a

Warner-Lambert* 24 • 24 u

Waste -Man 'meat 29b 28*r.

Wellt-Fargo 2Bb 2B*g

Western Bancorp' 26i< 25b

Western N.Amer. 29 b • 29 b
Western Union ...' 1B7(. 19b

Westing he Elec.! 19 > 19

Weyerhaeuser.... 31*, ; 31b

Whirlpool 19 b 18**

White Con. Ind .. 21*a 21b

W, mam Co 19 b : 19**

Wscon sin Elect- 26b : 25b

Woo I worth

Wyly

Xerox

Zapata 1

Zenith Radio

U.S. Treas. 4% '80,
U3Treas4i%75)85
U.S. 90-day bills.'

Apr. , Apr.

4 : 3

24b ! 23b
5*8 ' 5b
BBSs ; 59*8
17 17

15b : 15b
f95$a i95*e
tao7 B taob
9.46.1“ 9.50'S

CANADA

Abitlbl Paper. ; 17b

Agnleo Eagle .... 7b
Alcan Aluminium 41b

Algoma Steal 27s*

Asbestos. 43i*

Bank Montreal ... 24 b
BankNovaScotia, 23 b
Basic Resources. 7b
Bell Telephone...! 66
Bow Valley Ind... 1 25*,

BP Canada ; 24*,

Brascan , 23b

Brinco , fB)*

Calgary Power..., 48b
Camfio Mines — 1 13
Canada Cement ; 13
Canada NW Lan.! 10
Can.fmp.Bk.Cam 27
Canada tndusL...^22*8

Can. Pacific : 28b

Can. Pacific lnv..> 28b

Can. Super Oil 11 1 b

Carling O’Keefe.; 5 U
Cassiar Asbestos: 10b

Chieftain > 407 S

Com inco 1 37sg

Cons. Bathurst... 1 13b
Consumer Gas...; 21b
Coseka Resource) ll*e

Costain 7b

Daon Devel : 10b

Donlson Mines....: 21 U

Dome Mines. 103

Dome Petroleum 131 .
Dominion Bridge' 30b

Domtar ; 247g

Dupont :' 21

Faicon’ge Nickel 50
Ford Motor Can-I 70

40b

GiantYell* wknifa. Ill
GulfOilof Canada 476a
Hawker Sid. Can, 10b

Hollinger 141b

Home Oil A’ 54

Hudson Bey Mng. 22b

Hudson Bay- : 33>a

Hudson Oil ft Gas 62*4

I.A.C ' 17b

ImascoiCom.Stki 39 >4
Imperial Oil.:.,... 28b
Inco- ' 23*8

indal j 14 b

Inland Nat. Gas..l 12)4
Int. Pipe Line— ! 17b
Kaiser Resource.! 19 >p
L oblaw Com. 'B‘; 4.25
McMill n Blood’Ll 22 m
M arks ft Spencer 7b
MasaeyFerguson 1 , 13b

McIntyre : 44

Moore Corpn 39 s*

Mountain State R| 4.10
Noranda Mine...., 43b
Norcen Energy. 20 b

Nth. Telecom 4Bb

Numac Oil ft Gas 32b
Oak wood Petro'p; 7
PacificCopperM! 1.9B

PanCanPetrol'm 49 b

Patino 22b

Place Gaa&Oil.. 3.85
Placer Develop't 27s;
Power C’porat'n 24 b
QuebecSturgeon 1.55

Ranger Oil 20b

Reed Stenhouse- Big

Rio Algom 34

Royal Bk.of Can.. 40-b
Royal Trust co.. .. 15 b

of an announcement of a second-
half improvement.

State Loans were easier
inclined.

Germany

Share prices closed mixed to
lower after generally listless
trading, with the market appar-
ently not impressed by favour
able . economic data, released
'Wednesday and yesterday. The
Commerzbank index eased 1.4 to
7S5.1 after rallying 7.8 over the
past two days.

The maket seemed to have
shrugged off the good news of a
sharp reduction in unemploy-
ment in West Germany in March
and a higher inflow of industrial
orders in February, brokers com-
mented.

Dresdner Bank, which recorded
higher parent company 197S net
profits and announced an un-
changed dividend, lost 40 pfen-
nigs, but Linde, which had higher
1978 domestic group net profits,
gained DM L

Bayerische Uypotheken nnd
Wechsel-Bank, which said it had
lower 1976 group net profits, shed
50 pfennigs. Degussa receded
DM 3.S0. but Schering hardened
DM 1.30. _

On the Bond market. Public
Authority issues were mixed,
showing gains of up to 20 pfen-
nigs and losses extending, to
30 pfennigs. Bundesbank open
market sales and purchases of
stock were balanced in Frankfurt
after sales of DM 13£m on Wed-
nesday. Mark Foreign Loans
tended easier.

Australia

Markets retained a bias to
lower 'levels in -subdued trading.

BHP, however, after an eariy
fresh reaction to ASH. 40, ad-
vanced to ASU.6S for a gain of
15 cents on the day In response
to news that the company has
found oil traces in the Fortescue
No. 4 test well in the Bass Strait

In Stores, Myer slipped 5 cents
to AS1.70-.

Kelvtnator relinquished S cents
to AS1.S2, after Wednesday's ad-
vance of 20 cents on Email's
intention to bid Tor the outstand-
ing shares. Email were 3 cents

I NOTES: Ovanraao pricas shown balow
exclude S premium. Belgian dividends
are after withholding tax.
ft DM SO denom. unless otherwise
stated, yields based on net dividends
plus tax.

ft Pta 500 denom. unless otherwise
stated.

ft DKr 100 denom. unless otherwise
stated:

ft SwFr S 00 denom. and Bearer shares
unless otherwise stated. 1 Y90 demon,
unless otherwise meted. 5 Price et time
of suspension, a Florins, b Schillings.

lower at 92 cents, '

Sidney Cooke, up 43 cents the
previous day on take-over
speculation, shed 5 cents- to
ASI.S5.

Among - . Uraniums, Pan-
contineatal lost 20 cents to.
AS10.70, but Peko-Wallsend
gained 6 cents to AS5.40.

Elsewhere in Minings. Con-
solidated Goldfields lost 4 cents
more to A$3.68 and Oak bridge
3 cents to AS 1.39. but GRA
improved 5 cents to AS3.55 and
Bougainville 3 cents to ASL95.

Hoag Kong

Market was closed yesterday
for the Ching Ming Festival holi-
day.

Milan

The downward trend continued
in thin trading.

Italsider declined 8 more to .

L390 on news of a further loss I
in ■ 197 S, while Snia - Ylseosa, . _ d div ¥ r e fd*
which recently announced a I ind- <hv.y eras

deficit for last year, retreated'30
to L850.

ft lndtlatr’l»;BB9.eO BWH5,8SV2S; BB2:1S BW.TTj
H'iDaB'nda| 54.BS S4J9 84.62|

T7anflport..i2S1.55 3M.'lf2S.3Bj EI5.17 824

Utilities .... JlM.Sf'lO4.Wl0B.S2j 104-19 7(M.«;f04.77{ W4S1

i ; i

• Day’s high 878.38 low 867.12

Mar; 30 t mar- 23 j Mar- 16~ j Year, agotapjmnc

Paris

The market took Wednesday's
late finning trend a good stage
further in active dealings as
operators settled their positions
ahead of the next monthly trad-
ing account, which begins today.

Brokers said sentiment
remained buoyed by the
announcement on Wednesday by
the French Government of a
FFr 5.8bn investment incentive
package for French industry.

Gains predominated in all
sectors apart from Foods,
Metals and Chemicals.

One of the star performers of
the session was Rhone-Ponlenc,
the chemical group, which rose
9.1 to FFr 116 on news of almost
quadrupled net consolidated
earnings for last year.

Also strong, were PrieeL
Auxiliaire d’Eutreprises,
Bnoygues, Crensot-Loire. Penar-
roya, ImetaL, Potlain. Hachette,
Signaux, Paribas, UTA, Skis Ros-
signol and BUchelln.

dosing lower against the
general trend: were Locaf ranee,
Beghin, UIS, Saong and Generate
Des Eatix.

c Cents, d Dividend after pending rights
and/or scrip issue. '> e Per shore.
1 Francs. P Grass div.%. h Assumed
dividend after scrip snd/or rights issue,
k Altar local texes. m % tax free.
r Francs Indudlnq Unllac div. p Norn,
a Share split, s Ofv. 'end yialcf exclude
special paymenL .-X Indicated div.
u Unofficial trading. ^Minority holders
only, o Merger pending^. - Asked, t Bid.
S Traded, w Seller, a Assumed, xr Ex
rights, xd Ex dividend, xc Ex scrip
issue, xe Ex all. -a Interim since
increased.

N.Y.S.E. ALL COM

Rises and Falls .. . “

[ Apr ' 4 I *pr» y^Awii a

jjb '-raj

Industrial j
Combined ,

247.89
249, 1 7|

m

MBJW, 250.91 (27/81 I
I4B.0? 243.81 (28/Sj ]

' 219-18 (2/1) ’

14G5.8!

1515^8- (2/l> '••••

JOHA2nnSSB¥B0

Gold

Industrial

258.8'

522.9

I 266.5
1 320-5

i

281.8 '
518.0 1

2G4.s| 290 J (7/2) I
SlB.tt 822.8 (4/4/

247Jf.ni/iy -
270J ^2/!/.' .. '

Australia (?)
Belgium (9)

i

Denmark t“j

Franca (It)

i

Germany (Jt)

I

Holland (i«.
Hong Kong J
Italy <IS|.
Japan (a)'
Singapore lb)

680.98 | 681-62:
108.43 1 106.45 !
94.88 94.71

785.11 786.S .
77 JB { 77.4 j
M I 510.44 1
73J1.; 74.14 |
441.81 1 441. 4S I
376.19 '375-40 .

597.68 1 546.72
119/3) . rzill
106.46 88-80
)4|4) t3/ll '
9631 88-32
12/4) ' (8/1) .
79.4 71.6

tl6|l) 1 (16/21 '

859.6 | .774.2

<sss w

<24rii ! (21/3) .
668.90 ; 4M JZ
(5/21 (2)1)

ISM ) 68^8
(28/31 1 (2lU .
462.97 44L4L
131/11 ' (3/41
379.18 346.14
(5/4) ' (£3/2

Spain (</> 108,12
Sweden (c); 358,38 358.53 I

GERMANY ♦

Allianz Version
B
B

.H
'ei
ie
ntiGi
imler
Degu
Dcmt

TOKYO t

Indices and base dates (all base
values 100 except NYSE All Common — .
50: Standards and Poors— 10: and
Toronto 300 — 1.000: the last named
based on 1975). t Excluding bonds.
t 400 Industrials. . 5 400 Industrials, 40
Utilities. 40 Finance and 30 Transport.
1 Sydney All Ordinary. D Belgian SE
31/12/63. ** Copenhagen SE 1/1/73
It Paris Bourse 1961. & Commerzbank

AUSTRALIA

SwltzerW(j r )| 317.8 j 318.8

Dec. 1953. §5 Amsterdam Industrial

1970. ft Hang Seng Bank 31/7/64.
fly Banca Commercial a Its liana 1972.

# Tokyo New SE 4/1/68. i> Straits
Times 1966, c Dosed, d Madrid SE
29/12/78. e Stockholm’ Industrial 1/1/58.'.
t Swiss Bank Corporation, -u Unavait- '
able.

WEDNESDAYS ACTIVE STOCKS
-Change-'
Stocks Closing. On . .
traded price day'

Gen. Public Util. 687,800 14*8 -V •

Wstnghse. Elec. 642.100 19V *

Macmlilan ...... 551 i 100 17L '+ h ■ '

Gulf Oil ...i 531.100 27 • ;+

Citizens Realty... 377,500 . 1 T * — V

Texaco 341,600 26^ +'»* ••

General Motors 306,500 58*1 •+ \ ,

Gould 291,200 25V <+ *»’

Texas UHL 290.000 19*. •*+ h-.f-

Amer. Tel, ft TeL 278,800 61»* '+ V

SceptrA Res'urce.

Seagram ,

Shell Canada .. .
Sherritt G. Mines'
Simpson . .. -
Steel of Canada..i
Steep Rock Iron.:
Teck Corpn. B’..:
Texaco Canada.,'
Toronto Dom.Bk.
TransCanPipeLn 1
TransMount Pipe!

TrJzec

Union Gas . . .
UntdSitcoe wines!
Walker Hiram.. .1
West Coast Trans,
Weston iGeo. 1 i

f Bid. X AsxetL

I New as

I 7U
37 .’b 377b
19*8 I 19*a

10?* 1 10*i

2.95 ; 2-90
30 | 301*

3.70 ' 3.75
14 I .14
56*1 | 57
22 >s ) 22*8
19 >8 19*4

10)8 1 10 1*

tl9 '119

io?a i iojj

9*. 97a

45s I 45lz
13U ; 13>a
25)8 1 23 ?b

9 Traded.

EUROPEAN OPTIONS EXCHANGE

April July Oct,

Series VoL Last Vol. Last ■ vol. Last Stock

ABN C

F. 3 54.20

2

11.70

_

F.366

ABN C

F.564J20.

4

2.50

—

—

—

—

„

AKZ C

F.25

—

— '

2

5.50

—

—

.F-30

AKZ C

F-BT-SO'

2

. 2.60

4

3.20

3

4.70

fr

AKZ C

F.30,

31

1 0.60 :

28

■ i.ao

—

„

AKZ C

F.32.50

—

, —

11

1 ■

20

: 1.60

Pa

AKZ C

F.55

—

—

—

— '

10

1

fr

AKZ P

F.30

2

: 0.80

—

. — !

—

—

F.396

C3F C

F.360|

—

—

3

46

—

CSF C

F.4O0

—

—

—

—

6

20

B|

EK C

P50

1

16

—

—

—

—

R65i =

EK C

S60

2

5) =

—

—

—

Bl

HO C

F32.BO

3

0.50

5

1.70

15

2.90

F.31.60

HO C

F35

—

-

—

—

lb

1.80

»

S320

9

4*4

1

15i a

S317S8

KLM C

F.100

16

5

10

10

8

11

F. 104.50

KLM C

F.1I0

20

1

16

4.80

28

7.40

KLM C

F. 120

—

—

28

2.30 •

43

3.60

KLM C

F.130

—

5

1

—

—

KLM P

F.lOO

—

—

—

2

3.50

ff

KLM P

F. 1*0

—

— /

5

6.50

5

8.80

NN C

F.110

—

4

3.50

—

—

F.l 10.30

PHI C

F.22.50

25

B

10

2.30

5

2.40

F.24.40

PHI C

F.25

3

0.20

43

0.70

197

' 1.30

H

PHI P

F.25

--

—

—

40

1,30

PRD C

550

25

1a

—

—

*39

PSA C

F.440

_

2

7

—

—

F.384

RD C

F.125 1

10

18.20

5

17.80

—

-

F.l 38.30

RD C

F.130

38

6.20

_

2

8.50

RD C

F.L35

31

3.20

44

• 4 ;

10

1 5

RD C

F.I40

55

o.ao .

16

1.80

83

2.90

RD P

F.155

...

10

3

—

—

tf

UNI C

F-fJO

10

0.90

2

3.90 .

1

; 2.50

F.128.70

May

Aug.

Nov,

SL0 C

5110

1

2

-

—

—

—

.S 10558

| TOTAL VOLUME IN CONTRACTS

977

1

C=caii

P=Put

BASE LENDING RATES

A.B.X. Bank 13

Allied Irish Banks Ltd. 13 %

Amro Bank 12 %

American Express Bk. 13 Vi

A P Bank Ltd 13 %

Henry Ansbacher 12 %

Associates Cap. Corp.... 1* %

Banco de Bilbao 13 %

Bank of Credit & Cmce. 12

Bank of Cyprus 13 %

Bank of N.S.W 13 %

Banque Beige Ltd 13 %

Banque du Rhone el de

la Tauiise S-A. 124 “b

Barclays Bank 12'°fi

Bremnr Holdings Ltd. 14
'•“it. Bank of Mid. East 13 «T,

Brown Shipley 12 T.

Canada Perm't Trust... 12 Vi

Cayzer Ltd 13 Vfi

Cedar Holdings 13 S)

! Charterhouse Japhet... 124%

Choulartons 13’^

C. E. Coates 13 %

1 'insnlidated Credits... 13 %

Co-operative Bank *12 “lo

Corinthian Securities... 12 %

Credit Lyonnais 13 %

The Cyprus Popular Bk. 13 “T.

Duncan Lawrie 13 %

Eagil Trust 12 %

English Transcont ... 124%
First Nat, Fin. Corp. ... 15 °o
First Nat. Secs- Ltd. ... 14 %

I Antony Gibbs 13 °T,

Greyhound Guaranty... 13 %
Grindlays Bank $12 %

l Guinness Mahon ....^ 13 “0

■ Hambros Bank 12 Vu

a Ilii] Samuel §13 %

C. Hoare & Co ?13 %

Julian S. Hodge 13 %

Hongkong & Shanghai 12 %

Industrial Bk. of Scot.

Keyser UUinann 13 %

Knowsley tt Co. Ltd.... 14‘%

Lloyds Bank 12 %

London Mercantile ... 13 %
Edward Manson & Co. 14 %
Midland Bank 12 %

■ Samuel Montagu 13 c -

■ Morgan Grenfell 12 ^

National Westminster 12 °£>
Norwich General Trust 13 °o
P. S. flefson & Co. ... 13 %

Rossminsler 13 %

Royal Bk. Canada TsL 13 °n
Schlesinger Limited ... 12 %

E. S. Schwab 13 %

Security Trust Co. Ltd. 14 ‘G

Shenlcy Trust 15

Standard Chartered .— 12 %

Trade Dev. Bank 13 ^ ‘

Trustee Savings Bank 12 %
Twentieth Century Bk. 13 %
United Bank of Kuwait 12 %
WhSleaway Laidlaw ... 134%.

Williams & Glvn’s 12 %

Yorkshire Bank 12 °S

| Members ol tho Accenting Houses
Committee

• 7-tlav da 00 s 1 13 9V>. 1-month

tJcpasits S’i"".. ,, rm .

.1 7-duy deposits on sums of CIO.QQO
and under IlFi’o up to 09.000
111., and over £25.000 tlMC..
t Call deoasits over £1.000 9*j",.

S Demand deposiU n ,r

Croditan»tait,—' M3 i... .

292 : + 8

seiecta ; 578 +2

Semparit I 7g

Steyr Daimler ..J 222 1-2

Veit Magnmit...: 250 ... .

31

'Friday- April 6' 1979

CeiaiaBtts and Mau-keU

- r 't>:V.» j ,.i W

COMMODITIES and AGRICULTURE

S. Africa
expects big

threat

Sugar area

UK AGRICULTURE

Bjr Bernard Shnori m ; ‘ .
lohannaiburg 'V 7 "
■WITH ■ THIS'l -sease®^- eitfas
exports having jim v 5tarted, the
Soath_Afrtcan atn» Exchange
- haff aTmouneed .tot- ^portS'5^
likely to teach a xecorii level of
434,550 tonnes, slightly., higher
than last season's . . 420,915
tonnes.. ..

• According to -.the- --exchange,
the current crop fe estimated at
671,855 tonnes, compared with
just under flfiQ.OQO: tpnhes last
season. Gross,jiucEreds_jfroin.
the' crop should be hitter than
the Rl7flm realised, last year.-
Orange exports, estimated, at
341,040 .'tonnes,: will be only
slightly higher than last year’s
shipments, hut grapefruit -and'
lemon sales... will be' ; up ,bY-
1 between, 6 and: 7 per cent, Mr. ;
Ray Huptaeissh,. ' the r - Citrus
Exchange's commercial manager ;
said yesterday that the quality
of fruit is good; but that the
■ dry summer in tirie producing
areas has meaht that fruit dzes
could be’ slightly smaller .than
. in 1978.

Mr. Haiiptfleisch 'said- he
expects, a good start for orange
sales in. Europe following
adverse weather rondltioBsip
competitive producing countries,,
especially the' tJ.S. Britain .is
tbe most important market for.
South African dtrus, account-
ing for about a- quarter of total-
shipments. Other 'malar destina-
tions are Germany; France and.
the Middle East.

Wool handlers

dispute

settled

V. BY JOHN EDWARDS, COMMODITIES EDITOR

COPPER PRICES - jumped- on
die .London Metal Exchange
yesterday as buying interest in
ah oversold' market emphasised
tile tight supply- position. .

" Cash wireKarS ‘gained £32 to
£1,031. a tonne, only £2 above
:the Jthree months ' . quotation.
C&n -cathodes, upMjy £31.5 to
M.034 moved to a premium over
three- m onths for the l first time
since, the- last,. boom in the
copper : marker during X97 4.

.Dwindling warehouse stocks,
as a result of a series of supply
setbacks,- have created - a near
shortage - of copper; especially
good brands, available- to the
market ’ ’Ibis has. reduced the
gap between tbe cash and three
months .price to far below, what
It^hould be in normal market
conditions at present interest
rates.’ - - OS'^r^'

. ..tjncertainty about, a'; "new
threat to' copper supplies a
possible- strike -at- formulas
giant Canadian Copper Refinery
.i_ dominated market move
meats. . Early rumours that
Refinery workers on the 1 night
shift had walked out were -firmly
Lderiied by No ran da. • ,

Later it was reported that
negotiations were continuing
with union ’representatives at
the Refinery and Noranda Metal
Industries.

It was also expected that a
new wage offer would be made
to workers at the Gaspe mine,
who have been on strike since
October.

Meanwhile in Ontario, medi-
ators said they saw no end yet
to the strike at International
Nickel’s Sudbury complex,
which produces the bulk of the
group’s nickel output and also
all its output of copper and
Other by-product metals.

Meanwhile in Zambia Roan
Consolidated Mines, one of the
two big copper producers, said
it is to close one of its five tank-
houses at the Ndola refinery to
help to save costs.

The closure means the loss of
more than 200 jobs — nearly a
third of the refinery’s work-
force. .

Zambian copper production
was forecast to fall by 83,000
tonnes this year from* 656,000
tonnes in 3978 and raanv market
sources believe the decline will
be even greater.

Europe’$ farm policy
‘too DrotecHonisf

SYDNEY — The dispute, it
Wnoidumpers (NSW) whirirhas
delayed the shipment of 14.000
bales of wool,7has been settled,
wool trade Sourc’es .said here
yesterday. - • . ••

A meeting, of storemen and
packers agreed "to" -Tift :restrio-.
tinns on handling high density
450 kilo jumbo bates, next: Mon-
day and to resume handling
conventional bales banded into
two-bale units . on Tuesday, after
an inspection' by-an industrial
commissioned -'. j-:

The dispute held up shipment '
of abouf 4-250 bales for Japan.-
about 3,00? for" the UFRR and
neariv 7,000 for. Western 1
Eurooe. : ' "• • i
Prices were mixed *at yester-
day’s Goulbum sale, with finer
wools tin to 25 per. cent dearer
and medium types up to 2.5-per .
cent cheaper:: .

Reuter. '-;.- . .

: --BY OUR COMMODITIES STAFF

THE COMMON Agricultural
Policy is too protectionist. Mr.
P. Metaxa, president of the
Grain and Feed Trade - Associa-
tion told corn . merchants .in
London last night’.:

EEC Import levies on wheat,
for example, had often been as
high as the original price of the
yrheat coming. • into the
Community.

‘While ft might be’ argued
that World prices for grain jpere
“ artificial " in European terms,
about 65ra . or 70m tonnes of
wheat were traded on t^hworid
market , each year. ,; s ' . .

“ This does lead one-to the
fbonght ' that we have ' over-
cooked the books somewhat.” he
told the GAFTA annual djuiner.
■ yjt Security of jupply is - ®, fine
aim," but one can over-ihsure to
get it” * ; .

Mr.. Metaxa said high-'ebsts
raBed ^serious questions' for
companies investing is the- food <
manufacturing industry*,. .

“Violent” changes in direc-
tion by Community policy-
makers were also disconcerting
for investors, he said, giving as
examples policies on milk
powder use, attitudes towards
imports of cereal substitutes,
and the uncertainties caused by
the EEC Commission in the
starch industry.

“A factory can take a year or
two to build and a good many
years before it returns its
original investment. One some-
times wonders how industrialists
have the courage.” he added.
t* In Washington yesterday
Continental Grain called for aid
to the Government of Turkey to
be withheld because of default
on a wheat mircb%se contract
with the firm four years ago.

Mr. Clarence Palmby, vice-
president of Continental, told
the Senate appropriations sub-
committee on foreign operations
that-U.S» aid to Turkey should
be withheld.

BRITISH COMMQDITY MARKETS

DAGC MmTCi - ri.036, "three . months £1,034. - Kerbs:

ijtSAot, - fufclALiJ .• •„ Wrrabers, three mopths £1,086. 37. 37.5.

COPPER— GbIhihJ, (poqnd in active

trading or tha.London Meiel Exchange. |1.UK .33 34 37. 5 +C 343. ~4A

Rumours surrdimtfwq.tta situation at- h £L* n m ¥>'

Noranda . caused • wide flaetuations. . [n _ &, 03 ?* n?T

Cathodes,' three months £1,033, 32.
Kerb: Wire bars. three months £1.025.

the market with forward. metal moving : 5 k -S’ to'

ahead to Cl.040 Jn .Uie morning ring. ^- S ^ 27 -._ 2B ™ 29 ™ 28 4'

on talk that riinhr nhrtr-Wnrkn™ had 30. 31. ^3. 32. 33, 3Z. Cathodes.

on talk that night shrir-Vrorkaas had
walked -out. - Also' influencing 'the .up-
ward trend wbs. heavy- borrowing which

three months £1,024.

TIN— firmer following a rise in the

narrowed the contango 'in wi rebars .»■*« ™" k ® l ?„ and

snd .established - a’, backwartatior' j"

cathodes. . • id.' the. aftamoca . a ,-danial

kaned et £7.080 and moved up to
,110-belpre closing nt £7:100 on the

of the earlier Noranda strike f ,ramoure “25

promoted e -downturn oh Comax and jgg. «*"!

as that market continued to weaken. ' P* <fh

the price here fell beck . to n.Offi before was

ssBPJzs , r* :a P L ' T, ”^ r ^■^ssr , TSSs 1 i^s

• • - - - tonnes. . • _

COPPER I 0& fcaui’ %*- -V tuT

nr-v,- - - £ * j | ; - . • * H&rh Grade £■!■£' £ 1 £

cw! lOHLS^'-r-Stli 1031 B 4.3* Ciub L 7880 * 90 l +M 1 7250 ^° ^

asa? -T--- — - sa i-*" n 1 ■■■■■■

insitv 'ln'i a t03XJt- u<j Cash _ 7266-7a 1 + 107 7250-70 +1»

twi S '3 month*. — r7Q80-5 |+57^. 709U5 ;+62.B

- fJuMr W3a ^ +>M : Settlem’i.J 7270 i+10 X . -

Amalgamated Metal -Trading reported
that in the morning cash - vvi rebars
.traded et £1.035. 32, 31. .31^, tKrae
months Cl .027, 28, 78,' 30. 30.5.-31. 32,
31.5. 33. 34. 35. 36. 37. 38, 38. 40.
39, 38. 39, 38, 37, 38. Cathodes, coeta

- Morning: Standard, cash £7.250, 60.
70, three months -£7,100. 7,035, 7.110.
05, .7,1C0, 7,090. 90. Kerb: Standard.
c«Bh E7.ZB5, three months £7.095. 90.
Afternoon: Standard, cash £7.275. SO,
75, three months £7,100, 10. 7.095.

CORAL INDEX: Cldse 531-526

INSURANCE BASE RATES

f Property Growth lli%

t Vanbru^i Guaranteed . 10%

- t Address shown under Insurance end Property Bond Table.

Kerb: Standard, three months £7.080,
95. 7.100.

LEAD— Higher following the strength
of copper. Forward maul opened at
pm and rase to £538. reflecting trade
and chartist b Living. However, p refit -
taking a nd - h edge selling pared the
price to £528 in the afternoon before
renewed buying prompted a close of
£538. Turnover 8.100 tonnes.

| a-m. - " ur. i.pa. - T+ ot

LEAD j OEkU 1 1 — I L noficial | —

J .. £ • f • f £

Cash 370 -.5 -r3.75. 565-7 +2J

3 wadis ' 535.5-8 —6 ’ 533-4 +4

teti ’mem' 670.5 +3.3 —

- . *44 '

Morning: Cash £570. three months
£538. 37. 37.5. 37. 36.5. 38, 37. 38 5,
38. 365. 36. Karb: Three mon ths -£536.
Afternoon: Three months £536. 37, 36.
35. 34, 33. 32. 32.5. 33. Kerb: Three
months £533. 34, 35, 36.

ZINC— Quietly steady with forward
metal moving between E395 and £338
prior to closing on the late kerb at
£396. T urnover 1.250 tonnes.

i a.m. -furj 5 *.oT t+o*

. ZINC j Official ‘ — | Cnaffleia: —

j £ £ ' £ : £

C«b_..J 365-6 -1 384-5 -.5

2 months J 397-8 —.25 396.5-7 +1.2S

5'ment ...,i _ 386 -1 ! — .

Pnm.WkStl — — *37.6 _■ — ...

Morning: Cash £387. ^.5 . lata April
£389. three months £399, 38. 97.o.
Kerb: Cash £235. 5. Afternoon: Three
months £397.5. 96. 56.5. Kerb: Three
months £396. .. , . . , .

ALUMINIUM— Slightly higher with
the market moving in line with copper.
After opening at £762 forward rose to
£7688-on fresh buying before easing
back to dose at £760 on the late kerb,
i Turnover 3.025 tonnes.

: 1 1 • "

1 Aiurotn'm “.m. p.m- i't-for

] — CeoIBcsal ’ —

I “ 1 : I £ ! £ - £

! Spot....-.:.. 763-4 '+7 1 7|5-7 1+115
i j month*. | 765.5-6 .+7 j 759-60 ; +3

Montingr” Three months OK. «■*,
S3, 66. ffi, 66. 65.3. S. ©.5. After-
noon r Three months £765. 63. €2, 60,
59. Kerb: Three months £763.

• Cents per pound, i SM par picul,
f On previous unofficial close.

reduced

By Our Commodities Staff

TOTAL PLANTINGS of sugar
beet 1° Europe this year
should reach 7.86m hectares,
according to F. 0. Ljcbt the
independent market commen-
tator.

This latest estimate is,
14,000 hectares lower than the
forecasts Licht issued earlier
this year, and reflects a 6,000
hectare cat in France, a 5,000
hectare redaction in Italy,
losses in Ireland, East Ger-
many and Chechoslovakia.

In the USSR, however, the
latest estimate pats plantings
op 20,000 hectares on earlier
forecasts at 3.77m.

Drillings in the Enropean
Community should now total
1.745m hectares compared
with 1.759m estimated earlier.

In London yesterday the
daily price for raw sugar was
unchanged at £99 a tonne
while the whites price was
raised £1 to £102.5.

Futures prices closed little
changed on the day, appar
ently little affected by the
Licht forecasts of reduced
plantings in Europe, traders
said.

Israeli export
company loses
monopoly

By L Daniel in Tel Aviv

AGREXCO. tbe Israeli agricul-
tural export company which
handles all fresh produce other
than citrus, is losing its
monopoly.

The Ministry of ' Agriculture
has, after prolonged delibera-
tions, agreed to a licence
being granted to the Shoresh
Company to sell vegetables
abroad next season.

The permit covers 30 types
of vegetables.

Tea auction
boycotted

By P. C Mahanti

THE FIRST tea sale of the new
marketing season has failed due
a total lack of bids.

Buyers fear they may have to
bear the 1 per cent turnover tax
being imposed on “dealers’* from .
April I in West Bengal. They ,
feel they should be exempted ;
from the tax. as are the brokers.
They have taken a united stand 1
and say that unless the position ]
is officially clarified they will i
continue to boycott the sales. 1

COFFEE

ROBUSTA coffee futures opened
slighfly lower as forecast and continued
to ease throughout the early session
reports Drerel Burnham Lambert. The
gradual decline was prolonged into the
oftsmoon by Commission House selling
but scale-down buying provided good
support while profit-taking towards the
close wss evident at the lower levels.
Values finished E17.5-E50.5 down on the
day.

I'esterda.v'a / T
COFFER Clows • + or Business

— • Bute

Cpei-lmne] ' :

No joy for

BY JOHN CHERRJNGTON, AGRICULTURE CORRESPONDENT

ALL -FARMERS know about the
classic “pig cycle." Reduced
supplies raise prices; then
higher prices attract farmers to
keep more sqws which produce
more pigs; and the market
eventually, breaks.

Farmers kill off the sows,
supplies drop until the process
starts all over again. This -used
to be spread over a four to five
year, period.

The market <was to some ex-
tent self-regulating. Hdgh prices
•with increased numbers of pigs
brought in more feed — and feed
prices rose. Likewise when pig
prices dropped feed prices also
fell more or less in step.

It was possible, as I and many
others found over the year, to
keep.eoing by accepting that the
fluctuations in the trade were
temporary and hoping that over
the years -the average return
would come out satisfactorily.

But latterly the old pattern
seems to have altered. Another
element has entered the equa-
tion. From a low point in
1976-77 the market rose to an
average all-pigs price of SOp a
kilo in early 1978. After fluctuat-
ing around there for most of the
year it has now fallen to 78p' a
kilo.

This would not have been too
bad if feed prices had remained
constant. But over the last four
months they have shown a spec-
tacular rise which, because of
forward buying by compounders '
and farm feeders, has not yet
been fully felt.

The spot price of barley in
the UK at end March, accord-
ing to the Home Grown Cereals

Authority was £92.30 a tonne.
At the same time last year it
was £73.10.

Soya meal, a basic protein in
many pig rations, has gone up

from £122 to £152 in the past
year. There have been similar
rises in most other ingredients,
but not fishmeal.

Compounders had been buying
subsidised cereal xeplacers, such

as tapioca. But .this loophole has
now been closed by the Com-
mission in Brussels, and their
raw material costs are likely to
follow the pattern of grain prices
more closely in future.

No one expected the grain
market to rise so spectacularly.
Too much credence had been
to Ministry ' of Agriculture
assessments of a record harvest
of 17.5m tonnes last year. Fear-
ful of being stuck with another
“ mountain,” this time of grain,
the Commission in Brussels
granted substantial subsidies to
shippers seeking to export bar-
ley to third countries. These
amounted to about £40 a tonne
overall.

The shippers were by all
accounts caught very short of
supplies as a result of believing
Ministry figures. This has pushed
the price up, and it looks like
staying that way at least until
after tbe forthcoming harvest. -

Some 1.1m tonnes of barley
will have been shipped — at great
expense to the EEC— to various
destinations, mostly in Eastern
Europe. Without these barley
exports, the home market price
for grain and other cereabbased

feeds would have probably been
at a much lower leveL

So here is the first imponder-
able in thp new pig cyclt. The
cost of feed is no lower related
to the price of pigs as- in free
market days— ie, before Britain
joined the EEC. There are other
forces affecting grain prices
which have nothing to do with
the feed market.

The price of pork' and bacon
cannot be manipulated, in the
same way as can that of grain,
by the ill-informed antics' of the
Eurocrats. There is on fixed
guarantee for pigmeat as there
is for beef for instance. There
is a private storage guarantee,
and protection against imports
from thir d countries. But these
are of little use. in a self-suffi-
cient market

The pork market is almost
entirely home supplied. Disease
restrictions have kept . out im-
ports from most other countries
in the EEC. This market fur
fresh pork is probably near its
present limit and in fact the
present weakening of pork
prices is because of slight over-
supply.

Bacon and ham is another
matter. Just over 40 per cent of
these supplies are domestically
produced.

Bacon and ham imports,
mainly from' Denmark and
Holland have the advantage of
subsidies in the 'form of mone-
tary compensation amounts.

The Green Pound devaluation
will, according to the Me 2 t and
Livestock Commission, reduce
there by 23 per cent, or about
£50 and £-30 per tonne respec-

tively. But this will not do
much tc raise bacon prices for
li K producers. The market is
already very flat. Bacon prices
are at the same level as a year
ago. So unless the cut in the
MCA subsidy actually stops
imports it should make no dif-
ference to prices.

In fact it is generally accepted
that there is very heavy dis-
counting of the published prices
at present

The Green Pound devaluation
will certainly deal a hard knock
to Dutch and Danish pig farm-
ing. but I doubt if it will be
severe enough to put them out
of the rnarkeL

What could do that would be
a recalculation of the formula
for the MCA on the lines of
those agreed some years ago for
poultry and eggs, or a further
Green Pound devaluation.
Either is likely to be fiercely
opposed by tbe countries most
involved. There is a precedent
in that the French have just
secured a recalculation as far as
they are concerned.

But for UK pig farmers the
reduction of competition
through the Green Pound de-
valuation of 5 per cent is not
going ti> be all honey. The de-
valuation also means that the
intervention and threshold price
for cereals have been raised.

This, while not actually rais-
ing current prices further, does
mean that they can never fall
as low again as they were last
year. As a fairly large-scale pig
farmer I have no real optimiste
about the future. :

6 U.S. should aim for

BY OUR OWN CORRESPONDENT

THE TOP executive of a major
American farmers' organisation
has said he doesn't think
European farm prices are too
high. And he beleives the
quality of life for farmers on
tiie Continent is superior to that
of their American counterparts.

Mr. Robert Lewis, secretary
and chief economist of the
National Farmers Union, the
second largest such organisa-
tion in the U.S. with 260.000
farm family members, said “I
think that in 10 years prices
that U.S.‘ farmers receive for
their produce should be com-
parable to what is received in

Europe.”

Asked about continuing alle-
gations, particularly from

Britain, that tbe EEC’s Com-
mon Agricultural Policy en-
couraged inefficiency and

artificially high prices. Mr.
Lewis said he though there were
many efficient farmers in
Europe.

“They take better care of
their soil, and they live better
with their families. The

quality of life is better for
European farmers and because
they receive a fair compensa-
tion for return on investment,
they feel more secure than

fanners in this country whose
situation is deteriorating 2 nd
getting more desperate."

Mr. Lewis, who conceded that
his views did not present the
orthodox picture of the Ameri-
can farm leader, added that the
world seeded food prices at the
European level in order to pro-
vide the economic incentives to
grow tiie larger amounts re-
quired in future.

Hr. Lewis said the desire of
Enropean governments to pro-
tect their dwindling population
of farmers wps completely un-
derstandable given a history of
periodic temines and even more

recent shortages. He strong#
favoured close collaboration
between the U.S. and the
world’s three other major wheat'
exporters, Canada. Australia;
and Argentina. He said a fair
• -oriel wheat price current!!:
should be $4 a bushel.

Mr. Lewis said grain sur-
prises in the European Com-
mi'oity could be contributed to
buffer stocks to help to stabilise
world prices. In a way, he
added, this was already being
rone indirectly by, for example.'
by seUing surplus European
V'heat to Egypt at concessionary;
prices. :

nncapt n.*:^ r> 7 H 1 -T r=>n^r 1.

SOYABEAN MEAL PRICE CHANGES

jl'esCeMayl r Uu-nnm

• Close | — Jjun«r

:£penonnej

April ll£UJ]O-C5.0 — 5.75; 12E^D-T28.0O

June. 1125 JO-25 X, + 0.9

August I127.18-Z7.fi: + O.S I127.5D-1Z6-5D

Octdier I126.M-2B.D +Q.6W —

Dtr-efp:>er,„.ll24.m 25.01 + 0.4 [ 124 50
February.,. _| 124 5 D-27.0-' + 1.0 —

April )H450-28Ji + 0.76* _ -

Sales: 75 (121) lots of 100 tonnes.

In tonnes unless otherwise stated.

1 Apr. 5

+ or Month

•

j 1979

— ago

Betals

Aluminium Ui710

fJEVV YGFI*. Anril 4.
Cocoa— May 141.63 (140.15). July
141.40 (142.55‘. Sept. U7.C0. Dee.
157. IS. March i53.5a. Miy 155.07. July
ISi.iO. .Seles: 7«.

U.y

July—

September ..
November...

January

March

H‘y-— :

=? — SUGAR

-n li e , idc ,jct *“*

1467- 1470,-17.5

1450- 1452' —25.6

1451- 1452 -39.5
1455-1455 -45.0

1468- 1460 —45.5
1451-1467 -A6.5
1440-1455 -50.5

1485- 1457
1473-1444
1484-1 44S

1486- 1462
1495-1458
1495-1478
1476

Sales: 4.726 (3,744) lots o( 5 tonnes.

SCO Indicator prices lor April 4
(U.S. cents per pound): Colombian
Mild Arebicas 136.50 (157.00): un-
v/aahed Arabicas 144.00 (same):
Robustcs ICA 1968 138.50 (same):
Robustas ICA 1976 137.50 (same);
other Mild Arabicas 131.83 (133.501.
Composite ‘daily average 133.90
(139 JS).

GRAINS

LONDON FUTURES (GAFTA)— Old
crops opened 5-10p higher. In the
morning session options remained
steady. Commercial buyers rallied the
market <n the afternoon session to
trade 35-45 higher, active conditions
and options closing 40-55p up on the
day. New crops opened 5-10p down.
Barley savr a good trade in the Nov..
Jan. switch but fairly thin flat trade.
Wheat values increased due to lack
of sellers to close steady 25-40 up on
wheat and 20-3Sp up on barley,
Acli reported.

COMPANY

NOTICES

JAMES SESm U MITTO . ‘

_ None <5 HEREBY GIVEN that tni*
rratater Book* relating to *he 6t% Rrtt
Monaaae Debenture Stock 1978-8 iTot the
.omcaray will be closed from 2Srfl to TT*e
Wtfi April 1979 both dates Inclusive.

By Order of the Board. ■ ■

GL T. LOWNDES. Secretary

71- 78 Vtrcerta street.

Wolverhampton.

. J. W. CAMERON a Cp._UMtTEp~~
NOTICE IS. HEREBY GIVEN’ that the
’reference Share Reqtefiers of die com-
pany will be cloud from the 17th April
-o the 50th April. 1979. both dates,
^elusive.

By Order of the Board. ■

0. STOTT. -Secretary.

G reentrant Offices. . . i

Lion Brewery,

7QSX.

OBITUARY

TRAVEL

®M£VA. Basle, Zurich and Berne, widest
range of cheap flights from A UK dep.
ahports. Brochure: CPT Ltd,. 01-351
2191. Telex 91 9078. ATOL. 360B.

.Buyers > Processors -Reftim
Basic Metal Co Ltd .
Vineyard Wait. London EC1
01-278 6311 Tetex: 27159

PUBLIC NOTICES

HAMP5HIRE COUNTY COUNCIL

£5m Bills bared 6Ui AorM 1979 to
tnetore fl#b July T979 at " » rate of
1-1 17-64ths per cent and £7_Sm Bills
issued on the same day to -mature A ill
May 1979. at a rate of 11 “m per cent.
Total- anpttcations were X9£m and the
total ootstandfna Sills era £33m.

BDCKHIGHAMSHIRe. COUNTY COUNCIL

Hie -Bndctnohamshlra County CmmcH
hared on 5th April 1979 £&m Bills due
54ft Jirty- -1979-. Applications tallied
&6SLSm and Che entire Issue was made at
11 23-84tt>s per cent. There are ao

other BiM outst&ufWHL

PLYMOUTH CITY CpUNClL „
£0.5m 8111s. Issued 4th April. 1979.
due 4th July. 1979. .at T1 2S-64°*».
Total applications £5m. Bills Outstanding

fio.sm..

ANNOUNCEMENTS

/Sir Victor Seely, Bart.,-

wishes to announce that be
left 117 Old Broad Street on
Monday, -2nd April. 1979, as
it two months’ time he will
be 79 years -of age.

He still intends to carry on
certain work from his home,
the address o£ which is as
follows:

42 Orchard Court,

' Portman Square,

• London, Wl.

Tel: 01-935 1311.

SILVER

Silver -was fixed 2.9p an ounce higher
for spot delivery in the London bullion
market yesterday at 357 ,45p. U.S. cent
equivalents of the fixing levels were:
spot 739.1c, up 6.0c: three-month

756.2c. tip 6.5c; six-month 773.0c. up
6.1c: and 12-month 737.6c up 6.6s .
Tte metal opened at 356V3574p (737-
739c) anA closed at 356-357p {738-
740c).

SILVHij! Bullion .4- or, L.3LE. j+ or
per- 1 being i — ' do* : —
tray as. | price • - 1 ■

Spin li_. 5 5 7. 45 p +2-9 356-85p +4.8

6 monua.i 566.65p +S.B 365_9p +4.7S

6 nwdlha. 374.95p +2.7 ■ —

i 12 month*! 3 8 7 . 95 p -rSJS —

LME— Turnover 127 (180) lots of
10.000 Qzs. Morning: Three months
367-5, 7.4, 7.5. Kerb: Three months

367.5. Afternoon: Three months 357-4,

7.5. 7.4; 66.8. 6.5. 6.3, 6.B. 6 5. 6.3. GO.
65,3. Kerb: Three months 365.5, 5.4,

5.6. 5.8, bb. 6-5.

COCOA

Renewal selling held down values
throughout the day and the market
reached the previous day's lows a: the
close, reports Gill and DuCus.

", iesterday's +or Business

COCOA. Close — Done

Hay...... 16Z5.Q-ZZ.0 JOJJ JW0.0-24.fl

July.. 1597.M8.fl -20JM8253H5S5

Sept 1G3M-32J —15.5 1B48.MQJJ

Dec IrtHUMEiD -10.5 T7103-16S9-

lUuca ........ 1730-8-32.0 — 11.5 I7Sa£^L2

May....: 1758-0-60.0 -—13-0 173LC-55X '

July..., 17cO.Q-83_a —15,0 1785.B

Sales: 27335 (2,053) lots of 15~annes:
International Cocoa Organisation
(U.S. "cents pgr pound): Daily price
April 4 148.17 (147.18): IndicKsr

prices for April 5 15-day average
I5C.37 (151-.15); 22-day averaoe 152.72
; 152.08).

li'ertenlayV + or iZeiteniay s + or
ll'iub. clust — - j close j —

May J 101.15 — 0.6 j 97.40 j+0.45

SepL 92.85 +0.86 B6.S6 +0£6

!Sov.-i .95.85 +0.36 90.10 +0.35

Jan... 99.45 +0.56' 93.60 +0.20

Uar._ll02.30 T 0.25 ;_96.50__ 1+0.20

Business done — Wheat May 101.15-
fCO.85. Sept. 92.85-92.35. Nov. 95.85-
95.40. Jan. 99.15-99,05, March ml.

Sales: 379. Barley. May S7.4O-96.S0.
Sep:. 86.85-86.55, Nov. 90.10-89.70. Jan.
93.50-93.20, March 96.50-96.50. Sales:
191.

IMPORTED— CWRS No. 1 13»i par
cant unquoted. U.S. Dark Northern
Spring No. 2 14 per cent April-May
81.75, May 80.75, June 79.50, .tranship-
ment East Coast. U.S. Hard Winter
13*2 per cent unquoted. EEC unquoted.
Mai2&: U.S. /French April 111. May 112,
transhipment East Coast. S. African
White unquoted. S. African Yellow
May 77.C0, nominal. Barley: Enqlish
feed fob April 99. April-June 99. Oct.-
Dae. 92.25, Jsn.-March 97.25. East
Coast.

HGCA — Location ex-larm spot prices.
Feed Barley*. N. Lincoln 93.70, Hants
and W. Sussex 94.40.

The UK ipvietary coefficient for the
week beginning April 9. will decrease
to 1.231.

RUBBER

FIRM opening on the London physical
market. Good covering orders through-
out the day. closing quietly steady
Lewis and Peat reported e Malaysian
gedown pr.ee cf 273 {267} cents a
kilo (buyer, April).

So. 1 -resterdar’s' Previous Businm
ILiS. I Close > Close 1 Done

Mar-.
June.
Jy-Sept.-
Oct- Dec
Jan- Mari
Apr-Jne.
Jr-depi..
Oct- Dec.
Jan- Mar

S2.U562.tB
E2.75-62.M
64.10-64. B
£5.35^ £5. SO 1
67.70-67.ra
69^0-69.45
71-DO-7 MB'
73.75- 72-50'
74J5-74JD

fa. 65-51, ?J

S].99-62.m

64.85- S4.SQJ
66.M-fi6.75
6e.3fi-E8.4t>;
7020-70^51
72.08-72.10-
73.30-74.00-

64.10-63.70

66.00- 65 JO
67 A0-S7. IB
83.45-63.40
71 JB- 70 AO

73.00- 72.75
74J5-74.70

Seles: 431 (7b/) lots at 15 tonnfls,
9 (4) lots oi 5 tonnes.

Physical closing prices (buyers)'
were* Spot 60.5p (same); May S3.75p
(62.75); June G3.7Sp (62.75).

LONDON DAILY PRICE (raw sugar):
£99.00 (same) a tonne cit for March-
April shipment. White sugar daily price
was fixed at £102.50 (£101.50).

Reports that Iran was inviting oflers
rhis weekend for some 190.000 tonnes
of whites caused the market to open
some 100 points above karb levels.
Later, however, prices slipped some-
what following persistent selling et the
higher levels, reported C. Czarnikow.

"duj&r !

Fnei. Yesterday's Previous I Business

Comm. : Clou Close I Dune

Con- '•

,

£ per tonne

May..... 105.5D-05.56 106.25-06.30 106.76-04.75

Aug 109.25-03.50 109J1&418.10 109. 75 -M BO

Oil 1 12 JUM2.B5 1 1 1.90-12.00 1 12.60-1 1.60

Dec 115.00-15.101115.06-16.16 116.60-16.00

if arch .. na_3&-19.00]l 19. 16-19JS UBJ5D-13.00

May 'I21.SB-21.40I121.S0-21.40. 121-25

Aug 1 124 JO-24.7B ) l24.«l-24.80: 124.75-54.55

Sales: 2.678 (2.669) lots of 5 tonnes.
Tars and Lyle ex-refinery price lor
granulated basis white sugar was
£264.85 (same) a tonne for home trade
and £170.00 (£189.50) for export.

International Sugar Agreement (U.S.
cents per pound fob and stowed
Caribbean port). Price for April 4:
Daily 8.11 (same); 15-day average 8.42
(8.44).

WHITE SUGAR— Close (in order
buyer, seller, business, sales). July
107,40, 107.60, 107.75-106.50. 166; Sept.

112.00. 112.10, 112.65-112.00. 178: Nov.
115.75. 115.90, 116.50-115.75, 40; Feb.

123.00. 123.25, 124.00-123-25, 16; April

127.50. 127.65, 127 BO-127.25. IS: July

120.00. 132-50, nil. nil: Sept. 133.00,

136.50, ml, nil. Sales: 415.

WOOL FUTURES

SYDNEY GREASY— Close (in order
buyer, seller, business, sales). Micron
Contract: May 397.0, 297.5, 401.0-

396.5. 74; July 406.0, 406.5. 409.0-405.0.
56: Oct. 402.5. 403.0, 407.0-402.5. 62;
Dec. 401.0. 401.5. 405.0-401 .0, 113;
March 402.0. 403.0, 405.0-402.5. 36:
May 402.5. 404.0, 405. 0-403. C, 22: July

404.5. 4CJ3.0, 408,0-404.5. 11; Oct. 405.0,

406.5. 410.0-406.0, 14. Sales: 386.
LONDON GREASY— Close (in order

buyer, seller): May 240.0. 24S.0; July

247.0. 253.0 ; Oct.. Dec.. March. May.
July and Oct. all 250.0. 2S5.0. Sales
nil.

NEW ZEALAND CROSSBREDS— Close
(in order buyer, seller): May 194.0.
198.0; July 188.0, 2024; Oct. 200.0.
203.0; Dec. 203.0, 207.0: fcfertift. May.
July, Oct. all 203.0, 209.0. Sales ml.

BRADFORD WOOL MARKET— Business
was almost at a standstill, reflecting
the easier trend at Australian auctions.
Although replacement costs ought to
prevent price reductions, traders said
some topmakers have already lowered
quotations by two or thru pence.

MEAT/VEGETABLES

SMITHFIELD— Pence per pound. Beef:
Scottish killed sides 54.0 to 58.0, Eire
hindquarters 57.0 to 70.0, forequarters
34.0 to 37.0.

Veal: English fats 5&.0 to 74.0, Dutch
hinds end ends 85.0 to 95.0.

Lamb: English small 90.0 to 100.0,
medium 90.0 to 96.0, heavy 90.0 to 94.0.
Imported troren — New Zeeland PL 4S.0
to 49.5. PM 49.0 to 49.5.

Hoggets— English 36.0 to 76-0.
Scottish 36.0 to 72.0.

Pork: Enniieh, under 100 Jb sen to

45.0. 100-1® lb 35.0 to 43 J, 120-160 lb
34.0 to 42-0.

CO VENT GARDEN — Prices in sterling
per package Except where otherwise
stated. Imported Produce: Oranges—
Spenia: Navels 3.00-3.20. Bloods 3.00-
3-10: Israeli: Shamouti 4.40-5.40;

Cyprus: 3.30-4.20: Moroccan: Valencia
Latos 3.70-3.80. Lemons— Italian: 120s
4.80-5.00: Cyprus: Trays 3.40-4.30;

Span, a: Trays 30/40/45 2.30-2.40, fames
4.8C-5.40. Grapefruit — Cyprus: 2.50-
4.50; Israeli: Jaffa 27/88 3.45-4.25.
Apples— 5. African: Dunn’s 5.60-5.80,

Copper *

Cash w'bar..!£1031.S | + S2.0£993.5
5 mth ,.>...£1033.5 ,-,27.0X1.011^3
Cash Cathode [£1034.5 +3I.5X9B.&

3 mth „ '£! 052.25 ;+2£i £1.002.5

Gold troy oz-.i5241.125 - 2.0 'F241.125

Lead cash £566 1+2.6 £585.5

3 mth (£533.5 '+4.0 £534.25

Nickel X24BO.S6' X2.350.69

Freeunkt(clf(lbjl245(50c ] S2 10;25c

Plaurt'mtr'y ozl£159

S2lO;2Sc

£164.5

Free mkt [£188.15 +3.9X190.15

Duicksil'ver..— iS257^Z 5280;40

Silver troy oz...l357.45p +2.9 .365. 9p
3 months 366.65[I +3.D.j373.1p

Tin cash (£7,260 I A 125.0 £7.520

3 mths.- X7 ,092.5 | + 62£ £7.210

Tungeten iS137.52 | >134.1

Wolf rm 22JM elf ;3 132/37 [—1.0 ,6142/49

Zinc cash £384.5 1-0.5 £383

3 months iC3S6. 75 + 7.25X39S.75

Producers ...|SBOO |§800

Oils 1

Coconut tPMll)- 51,020

Groundnut. t

Linseed Crude. £420
Palm Mafayan.i56B5<r

Seeds |

Copra Philip.-.-' 8685*
Soyabean (U.S.)i 8303.5

Drains

Barley Futures' £86.85

Maize '

French No 3 Am £111

Wheat

NO. 1 Red Spg.| t
No2HardWint.f :
Eng. Milling tj £101.5

Other . . |

commodities I
Cocoa sh|p't ... (£1.656
Future July..^l.597^
Goff eeF't'rJ u lyifil .451
Cotton A'lndex 72.Wr , ‘
Rubber Wio »...l 60.6p

Sugar tRawi.... ] £99
Wooltp's 64* kl I 288p

+ 5.0 161.000

A

— 12.0E335
+ 3.0 |6670

j 8675

-3.5 .6314.4

l + 0J5'£B5-7

,£89.25

|£98

— 1D.0X1.743
— 29.0 £1,715.75
-2S.5£:,4S7

;75.15c

|57.Sp

l£103

;286p

Coffee — ’* C " Contract: Msy 123 00-
130.25 (137.1S). July 137.75-128.00

(129.49). Sap; 141.25-141.50. Dec.
142.2S-142.49, March 141.50-141.75. May
141.75-142.00. July n.l Safes- 1.120.

Copper— April 23.10 ' 20:20 J. May

23.30 (20.29), June £4.10, July 24.40.
Scpi. 94.30. Dec. 94.23. Jan. 04.1=.
March 94.05. May S-r.25. Juiv 93.25.
Sepi. 93.75. Dec. 22:£0. Jan. 53.55.

Cotton— No. 2: 55 5^20

(58.34). July 61 .20 61.30 (£-3 4Bj. Oct.
62.75. Dec. 62.90-63 00. March « 20.
May d.30-K.50. July 55.2 O-iii.fO.
Sales: 7.226.

•Gold— April 241 70 (239.20). May
243.40 (240.20). Juno 245.29. Au-j.

This edition went to press
before the latest U5. market
reports were received.

249.50, Oct. 253.70. Dec. 258.00. Feb.
262.40, April 26S.20. Juno 271.23. Aug.
275. CO. Oct. 28C.03. - Dae. 204.40, Fab.
2SSS0.

"Plalirtim — April 734.52-335.C0
(260.70). Mav 285.4?. 135. CO 1331 .CO).
June 3£o. 70-385.90, Ju?v C34.£:«-2£5.5J.
Oct. 236.00, .Jan 238. 10-183. Anr.l
283.30-319.00, July 352.30-331.50. Oci.
394 30-325.00.

•Si vcr— April 742. CO (732.20>. May
749.50 (723.001. Jure 752 20. Ju'y

75B.00, Sept. 767.5P. Dec. 731.22. J<m.
755.70. March 795 CO. May £04.40. July
813.8?. SepL 823 20. Dec. 237.53. Jen.
342.00.

Sugar— No. 11: Mav S.33 (3 351.

July S.C3 (8.66), S?o:.'3.S5. Cel. 8 95.
Jan. 9.25. March 9 60. May 9.79, July
9.99. Sept, unauto'.ed.

Tin — 579.30-7CO.C0 nom. (e?9.00-
703.00 nom.).

CHICAGO. Asr,! 4.

Lard— Chicago loooe 29.50 (29.7^).
New York prime steam 20. CO.

Live Catllc— April 74.GB bid (73.10).
jLne 72.62 bid (71.12), Auj. 70.7C-
7D.7-J bid. Oci. C0.W-ba.55, Oec. 68 .60,
jc+. 62.77 bid. Feb. 53.75. April 63.55
til. Jure 70.32 asked. Aug. 70.35.
&;.«• 17.761.

F.IJSoii-s — May 2T0- : -25C-^ (249^). July
254 1 j-L 54 ; : (253). Sep;. 253. Dec. 26?-
26C- 4 . Match 272-272^. May 27SL.-
Silvar— April 745.5 (731.6), fvftay 750.0
(716 4). June 755.0-737 0. Aug. 766.0-
7^7. j. Oc:. 775.5. Dec. 725.5-736.0. Feb.-
7 CC.O. April 0^4.5. J-jr.'j 815.0. Aug7
£22 5. Oci. 332.5. D^. 842.0. Feb.
S‘1.0. ApiiI 601 .0, June E71 0. Aug-
&?T.O nom., Ozi. CJi.O nom., Dec.'

5 rc-m.

M.-r.h 723’-. Mav 731.

''Er.vabean Meal— Mav 193.00-138.20
f:SES0». Julv 201.50-201 70 ( 200.20).
Auq. 2-12 00202.26, Sep:. 199.00, Oct-.
lE4..m-‘P4.=0. Dec. i?4.ra.

So«obean Oil — May 27.13-27.10
(23 74j. July 27.19-27.20 (26.87), Aug.
27 O i *■’5.95. 5c pt. 26 43-26.40. Oct.
25.65-25.70. Dec. 25 3.>25.75. Jan.
2a 12. March 25 10. May 25.C5. July
24.95-25.00.

-IVlieut — May “aou-irO!! i332 l j),
July 321-320*. (31E : ,j. Sci;. 224-324-t,
D-.c.. 5?4>,-374 Miith 343 s 4

VfIMi-liPE'j. Adf.l +. §Rye— May
1i33.&0 aoCed (104.10 asi.ed;, July

100.30 c-A.cd (102 70-191.02). Oct.;
100 SO asked. Dec. 1« =9 hid.

5Eariey— -May 61.10 (32 23 bid), July

53. 30 (B2 20 asiedj. Oct. £2.00 b:d.
Dec. 34. >0 aslcd.

goats— Mi./ S3. 10 acted .82.00 bid).
Ju.v 30 50 \ 79.30 bid). Oci. 33.50
acKcd. Dec. 62.20 bid.

fFIcxsrcd— fvlfiy 223 CO hrJ (237.50 ■
asked',. July 272.59 bid (2a2.D0-333.2O
asked.. Oc;. 222.50. Nov. 315 00 bid.
Dec. 312-50 bid.

All cenls per pound e*-vrerehousa
ur.’.-.-ss otheiwise statue. • S ger troy
ounce. 5 Cents per nay ounce,
it Cents per 56-lb bjsr-cl. , Cents
per ET-lh bushel. '! 5 per short ton
lbs). 5 SCan per metric tor...
par 1.000 &q. feel.

EyEQPEM-3

• Nominal, t New crop, i Unquoted.
p April-May A q May- June. r May.

s June-July. April-June. u June.
x Per ton. z Indicator. § Buyer.

Golden Delicious 7.00. Storking 8.53;
French: Golden Delicious (40-lb) 138/
,175s 3.30-4.40, (20-lb) 72s 1.70-2.10.
84s 1.60-1.80; Granny Smith (40-lb)
138/163 5.00-6. BO, (20-lb) 72s 3.CC. 34 s
2.30. (ramble pack) per pound 0.10.

2.30. (tumble pack) per pound 0.10.
Stark Crimson (40- Jb; 133 /1 33a 4.00-

5.20. (20-lb) 84s 1.80-1.90, 72s 2.00-

2.20. (jumblo pack) per pound 0.C3-
0.10: Starking (40-lb) .150/175& 3.60-
4.50: Italian: Granny Smith per pound
0.1C-0.11: Rome Beauty- approx. 12-lb
uay 2.80: Washington; Red Delicious
40-lb 10.00-11. 00: Canadian: Starking
7.40-8.40. Peers — Per pound. Italian:
PessHcrasaane 0.134.14: S. African:
Pdckham's 6.80-7.20, Williams Bon
Chretien 7.25-7.50, Beime Hardy 5.70-
6.20; Chilean; Anjous 7.aO-E.OC;
Australian: Williams Bon Chretien 8.0C-

8.20. Plums— S. African: Per pound

Kelsey/Sungold 0.45-0.48. Bananas—
Jamaican: Per 26-lb 4.60-4-70. Fim-
apples— 5. African: 10/lls 4.00-4.40;
Ivory Coast: each 0.40-0.90. Grapes —
S. African: Cartons, Alphonse 6 00.
Waltham Cross 6.40, Barlmka E.QC-u.20,
New Cross 6.00. Strawberries — Per
8 oz Israeli: 0.50: Spanish: 0.50.
Avocados— Israeli: 3. 50-3.60: S. African:
4.03-4.40. Melons — Chilean: While

15 kg 5.50, Green 8/11 6.00: S. African:
Small boxes 2.50-3.00: Colombian:

Gre8R 4-50. Onions — Dutch; 1.80-2.40;
S. African: 22-lb 1,80; Hungarian: 55-lb
2.40; Italian: 1.70; Polish: 55-lb 2.50-
3. 50; Chilean: 5.QQ-B00. Tomatoes —
Canary: 2.00-4,50; Jersey; Per pound
0.50-0.55. Cucumbers — C;inarv: 10 '16s
2-2C-2.40: Dutch: 12/16s 2.69 3 0;

Romanian: 12/14s 3.0Q.3.20. Craii-
flowers— French: 24s 8.53-9.00; Jersey:
8.30-8.80. Lettuco— Dutch: 24s Z 20.

Celery — Spanish: l5/36s 4.00-5.09.

Cabbages— Dutch: Vi/hiie, net 5.6D-6.CJ:
W. Germany; 5.SC-5.80. Potatoes—
Canary: S-kg 4.40-4.50; Egwolion: 50-lb
4.20-4.30; Cyprus; 4.50. Capsicums —
Cuban: 3.50; Canary: 6,00.

MEAT COMMISSION — Average lat-
stock prices ot representative marl-ets

ROTTERDAM. April V
U.S. No. 2 Dark H^-rd Wm;sr nhsat.
13.5 per cent, Ap-il 3151. Mivr S’ 51.
June S149. July 5147. An? $14i. U £
Ha id Winter when oidi.-iary unqueted.
ccU.S. No. 2 Red Winter -.vhsit June
$145. July $142.50. Auj. 5143 . 10 U S.
No. 2 Northern Spun'' v,hc.-‘.. 14 per
cent. May SI 50. June S147.75. July
S146, Aug. SI 45.

U.3. No. 3 Corn Yellow April 53 Zj 30.
traded aft. 5123.50. March 5123.25. Apni
SI 25.75. May SI 25.50. Juns £124 30.
July-Sept. S124.50. Oct -Dec S125.
Jan. -March S132.

Soyabeans — U.S. No.' 2 Yellow Gulf
Ports eH. S3 02. 50. April S'.C4 50. r.^y
S205. June $307.50. Julv S277.75. Aug.
S?07 50. Sept. S306 Oc;. 5234. Nov.
$231.50, Dec. SZ25.50. Jan. S2SS.75.

Feb. 3232.75. March S294 Brazil .
Yellow FAQ iHiquPied! Argentine rnd>
M,y.mid-Juna S 2 3 5 . Jure S225. July
S2S5 aelloro.

■ Soyair.cal— 44 per cenr piorem U.S.
afl $241. traded ail. 5241. March -April-'
f.T.:*/ 5240. April-Sqpi. K141.-30. flov.-
Manh G222. solleic. Braz l rcllois all.
SJJ r j. rrud -March/A prif i245. tJlay S24o.
Apnl-Sept. S246. Ncv.- March £243.

PARIS. April

Cocoa (Frr per 100 Liioai— May 1421-
1427. Jury 142D hid. Sept. 145P-14E2,
Do-:. 14S(j-14£S. Match 1423-1304. Moy .
1425 b.d. S.'lts at celt ml. Accumula- -
turn total 22.

Sugnr (FFr per ICO J ilos -— May 220- '
922. July 937-247. Aug. 255-95S. Oct. 1
S20-1QC5. Nov. 9S5-1C3Q. Dec. >025-1040. :
Mj roh 1055-1030, May IC£5-1iOQ. Seles >
y: call nil. •

DOW JONES

FINANCIAL 7 IISES

O-j.v Apr. . Apr. riTonth “Year
Jones 4 3 ago ago

Apr. 4 Apr. 3 Ifil'nihaoc Ycarr.go

27 1.0 1 .269.43^ JVl.BS 2 3-.&S
{Base: July 1. "l952 = iC0)

SbC4 . 375.05 573.24351. 65

p tur s 5S4.S3 335.41 a25.93'349.74
(Average 1924-23-2S=1CS)

mooDY’S

REUTERS

Aor. 4 ■ Apr. 3 YcoVaso

Apr. 5 Apr. 4 Vi'nth ago Year ago

10SS.3; 1041.3' 1071^ 903.9 ’

lasfi.i, 1551.0 *547.4 . 1423.2 |

( December 31. 1921=123)

(Ecse: September 13. 1931=10)

on April 5. GB— Cap.lc. 72 Sap per fcj
lw (-0.17). UK— Shcup. 1S3 -n --.t k :
est dew (-J-11.3). G3 — 5 -re. 61?c per
ky I'.v f — 1 .2 1 . Enrtand end V.'algi—
Carrie rranbers up 7 ue: car.:,
average price 72.6:p (-0.12>. Sseep
numbers riov.-n 0.5 per csor;-y

price 1S2.1p ( — 11 5;. Pin nvs-.&crt '■>
21 per cer:, pverzqc ' sr,:e 61 La

it 1 - 5 *- Seo , .'snd-CtV.!u r^Ltri -o

0.7 ,;ar cent. avc:p.-2 71 ~?:i

(■•0.43i. '• -

English Produce: Pete*?;; ?:* 21 ■ ■■

1.70-2.23. Lettuce— f;. : ■: tsc-.-.g ' -I'-
1 70. Mushrocms' — ?c: cv^r.a 2 AL-L.i’..
Apples— rer p; M -J £r:r...--
Cov's Oranoc Pipp.n C 77-:. *S L a
Q.G4-3.DS. Puara — Per r-n : : * 2
01S.0.17 Bcctroo!— ?c- 1:- *: •' ' 1-

Carrots— Per 2c-lb 1 LZ-'i i: £>n zr.u —

Per 22-lb 1.&C-2.&Q. Rhubarb— Par aour.i i
C 12 0.13. Sv/odoa— Per 23-:b l.M-1.12. «
Tumps — Por 2S ‘fa ! :*.1 4*. Parsnips— *
23-lh 1.20-1. K. Sprouts— -Per ocuna •
0.2J-C 1 — Cucumbers— Tray 12/13s •

2 57- 3.C3. Toma ties — Per psund C.5C- ^
C 55. .

COTTON

L.L'SRPC'iL COTTOTI— apt: and s:,.p.
r : *n Liv-,-*-?: (•’ r'O'j'.tcd rs

br.nQi-.r, i-c, io) tc*

so t.’r ts L7i-:c r n-_s r.-S-^cd

: '--,:r-;s O'Ji no: ir.z'. ji.’: c -
OPv-r -:-c.-.s bu: usc.'i W. '3;. .

.-c arauf J lor Suppi.-us. Alls r.:. an w^s
.: ..ij:iv .ijnirud cn T ur l: sr. end Russian
. vt. is.

H

32

Financial Times Friday April 6. 1979

Companies and Markets

LONDON STOCK EXCHANGE

Broad advance in equities encouraged by GKN results
and one point reduction in MLR— Gilts improve late

A ... • “ ■* < 10 *. aa

Account Dealing: Dates

* First Declara- Last Account
Dealings tions Dealings Day
Ma]r. 26 Apr. 5 Apr. 6 Apr. 18
Apr 9 Apr. 29 Apr. 20 May 1
Apr. 23 May 3 May 4 May 15

* " New lime " dealings may take
place tram 9.30 am two businass days
earlier.

Equity markets rebounded
impressively yesterday in-
fluenced in the first place by
optimism, soon justified, con-
cerning GKN*: s preliminary
figures and secondly by the
reduction of one to twelve per
cent in Minimum Lending Rate.
Not ail leading shares partici-
pated in the upsurge, there being
some notable absentees, but GKN
and other major . engineerings
■were outstandingly firm.

Country buyers seemed to be
more certain than London
operators that GKN would pro-
duce excellent results and were
actively sought immediately the
market opened. The resulting
rise in the shares encouraged a
general upturn, and the confir-
mation later of profits well in
excess of most expectations
brought another burst of strength.
This gathered momentum fol-
lowing the announcement of MLR
and subsequent cuts in clearing
bank base rates.

GKN were not alone in report-
ing full-year results. Lad broke,
Ko water, Cadbury Schweppes and
London Brick all came up with
annual figures which ranged
from satisfactory to pleasing and
contributed to the general firm-
ness; reflected in a rise of 12.9
in the FT 30-share index at 2 pm
before a close of 8.9 higher on
the day at 532.7: at the first cal-
culation, the index had been only
0.6 up.

Reports suggested that a return
of institutional support was

largely responsible for the broad impact MiSK SJSS? ifit gjjff

advance in values but, while fund «h ££ SSSd Stt?

managers remained interested in counts ------ -

acquiring sizeable lines oE good- encouraged by the trend towards
quality stocks, little evidence cheaper money. Hire Purchases the L

emerged of any major change also edged forward,
yesterday in their recent dis- insurances contributed to the

day's best. On annual results in acquiring a 50.2 per cent stake
lino with oTnectatiozis. Bowater in the company had been ter-
Preference reactfng 6 touched 199p before finishing 3 minated. Mltchen Co«s sUpped

ff up! On tine better .on balance at l^p-Metel 2i to 38j .after the reduced

other hand/ buyers showed in- Box. at 342p, however, held the tecim .profits and depressing
ouier nano. Duyers showea hest a rise of g, secondary statement on current trading;

position to await election events, general firm trend. Comment on iT Biw^ GroVo whicti b el

British Funds appeared set to the adyanced g tQ 102pf w J iie Pye * issues were, featured by Among Shippings, P and O

rally aFter their two-day fall but helped Sun-Ailiaace touch58Sp Holdings n m e £ 5 further to Sotheby’s which added 12 to 335p Deferred, una ltered at 84p . be-
earlv eains extending to i among before closing 2 higher on l-aders GEC revived investment demand, came a quieter market after the

long-dated stocks were surren- balance at . 582p. GRE = * e6g ^ i up 3 f 0 ’ Grampianadded_3 to _66P u 0° *mrst_of J2*E2Z

dered prior to the change in MLR. to 264p. Among life issues. Pearl ^7' preliminary results, while , news of the pro- tive interest Common Bros, held

Another recovery waTattempted put on 4 to 264p in front of to- „ X “ .tJSL perty deaf with Norcros Invest- aQ earlier gain of 3_ at 215p

reunite wall ahnvt» lict mnrket Perry aeai wnn norcrva iurcai- an earner gain

hutir*waVo niy in after-hours’ day’s preliminary statement JSJJJLJJ" >_!£: -irf; kL„ meats left Halma 4 dearer at following rejection of the bid of

business that any real headway while improvements of 5 and 8 ESjgJJJJSin* rSders^aut on a **p. Syltone contrasted with a 200p cash per share from British

SSTwe.e? luffed g2of " ° “ 10< ‘" ""

Already a good market at 26 2p,

GKN moved ahead further to
280p on the annual statement
before closing at 278p for a rise
of 24. John Brown revived and

interest in the wake of sterling’s Life, 510p, and Equity and Law
firmness then lifted the longs 218p.

back to the day’s best, showing Leading Breweries were

gains again ranging to }. prominent on institutional

The shorter maturities were support, but tended to close
more erratic, encountering size- slightly below the best Bass
able selling at one stage which rose 6. to 226p, while Guinness

fall of 9 to 199p and Dunbee- and Commonwealth.

Combex fell 4 ttf 72p; the latter’s The majority of movements in
interim results are expected Trust were small and irregular,
shortly. Late news of the in- R. p. Martin became a steadier

creased annual loss prornp^ed^a market at 46p, up 2, after the

reaction of 2J to 24ip in Barget. recent setback on the reduced
Distributors again dominated interim dividend and profits.
Sr ^ii^H»w¥« 553 |id^w Motor sectors, with selected Carpets International attracted
Uiwered quotations as much as l put’ on 8 at 195p. Altiedtouched g&J T to STgSd !t SiE f G.

before an early afternoon rally. lOQp before ending a net 3i to me The disappointing half-yearly J?*® while

Here, too. foreign support was good at 9Sp. Scottish and New- statement prompted a fell of 9 SffilPiSwSosSsto thegwd

thought to be_pa^ W^lble c^Ue, however, eased^l* to 68p to 166p .in Startrlte, while the MS. fffiSKK. iiSS were whif

uiuugui «.u «s ^ ““"w,, *■» -- 10 loop in aiannie, wnue uic . rriepwhpro Lucas

for late improvements extending awaiting further^ news. ^ the sharp Jail ia annual profits left w a nted a?d »uSS Sp before

t0 i- , _ future of the Harp lager stake. H enry Sykes 7 cheaper at SOp. ^mne for ari se of 4 at 2S6p.

Institutional and other offer- interest in the Bmldmg sector AJcan Aluminium came on offer NewIoaDers Sn displayed a

ings of investment currency W as heightened by a signficant at 172p> down 6 . m^^S^e wiS Ncws ln-

thwarted attempted recovenes batch of trading statements Despite the uninspiring annual SraaU oiSlaSng 7 S 345p but

and, after a moderate trade the Annual profits at the lower end results, Cadbury Schweppes £S?natiMal Thfmson easing 9

premium closed 1? points down 0 f market estimates left London en ded 2} up at 57p. after 57ip. British Printing im-

at 533 per cent. Yesterdays SE Brick 2 cheaper at 74p after early Among other Foods, rui 10 c Q B -

Bulmer and Lumb, which, added'
4 to 63p<

FINANCIAL TIMES STOCK INDICES

Apr

74. V 7’
76.181

Government Seoe.

Fixed Intareet

^Industrial j S32-7j

Gold Mines -

Gold MlnestBc-S pm)

Ord. Div. Yield ....
Eamlngs.YId. % «ull)'

PIE Ratio (nert) (’)

Dealings marked ;

Equity turnover £m.

Equity bargains totali

180

533

i4.xe|

9.1

3.4. ss|
836

1

5

April
3
. •

•••• * .

'March

30

March 1 a year
59 j ago

74.64

. 73.21

78.68

r 75^8

TSJWl 74^3

76.19

76^5

76.30

7G4»

- 76id.‘77ia

5Z3&

525.3

S3ZJ^

5W.S 471.4

148.0

149.1

152.4

1545

:152ta|, 1S3.7

119.3

119.7

120.7

.121.1

•12401- . 108.7

8.42

5^9

S.34I

8.35

. 5^7r 5.75

biA

h‘4

„.Oo) 836! 8.91' • a.OO, . 8.97 j -9:09j ' .8.17

5.486' 6,275 7,63 o! '5,883, 8,617 i 3,984

— ■- 188.68' 181.83; 104.051 166.281 30038^ -78. IS:

— ' 32,097; S43B1 : 87,97oi 39,70 li 42306) 16,894

l6 am 524.4. 11 am 329-3. Noon 1 pm 5363, . ;;

2 pm 538.7. 3 pm 5^2. 1 ■

Latest Index 01-248 8026.

,#NI|.=a8 68. . - •

' Basis 100 Govt. Sacs. 15/10/26. Hwd hi*- 192a - Industrial -Ord:
1/7/35. Gold Minos 12/9/S5.

SE Activity July-Doc. 1942.

Ex $ pramium index started June. 1372.

HIGHS AND LOWS

S.E. ACTIVITY

Govt Sacs.

Fixed Int...

Ind-Ord

Gold Mine

(Ex-8 pip>-

1979

Since Com pllet’n |

High

LOW

High

LOW

75.68

.is«i

64.64

<em

127.4

(9/K5B)

49.18 '
(5/1/75)

76.30

66.03

(15«)

150.4
(2B/I U47Jj

60.93

(5/1/75)

640.8

(29/51

446.1

(12/2)

549.2

l1«/9/7Tl

49.4

(2B/8/401

183.8
| lfi/2)

136.2

cion)

442 3
(2275/76)'

43.5

(26/10/71)

125.6

(26/5)

95.2

1.12/1)

337 .1
■5/4/741

54,3
(25/B/73) .

aril'

-Dally
Gilt Edged-,
industrials -4
ilabve-f
ila-

5-tfyAv r'ga
GUt Edged..
Industrials ..
Speculative
Totals-

963!

20031

85.

124^!

rf**-.

S'

^02.%]
aaeiJ

r :

104.0 -. IMil
252.2 - 279.9
37.6 40.0'

1543 166. »

Quiet mines

Renewed easiness in the in-
vestment currency premium
prompted further losses in South

co^ion facto, was 0*47 »^3ra3USlS

(OB064). results prompted a gain of 9 to f 0r the company prompted fresh Melody Mills remained under However, ! - •>-»*— *

ACTIVE STOCKS

rumours proved 2i to 58ip on the in-
’ 01 • Mines inaex UJ3 ea

xz «2rr^ 4, %wSS5

ness in the Traded options mar- statements lifted Ttlbnry Con- which improved 1$

ket saw the deals fall to 1,065
against the previous day’s 1,135.
Boots were the most active
counter, realising 232 contracts,
while Grand Met. 143, and Marks
and Spencer, 120 were also in
demand.

trading S to 333p. F. J. C. Lilley Renewed speculative
6 to 92p and Carron 11 to S8p. lifted Louis C.
Elsewhere, increased speculative 48p and Avana.
demand took Pboenix Timber up became attracted

to day fall of 7 to 135p. altiiough modest gains as over-

demanu Tbe 1 per cent reduction in seas buying interest emerged

Stock

Ladbroke 10p

Marks & Spencer 25 p.

ICI

Shell Transport...

Grand Met.

GKN

No.

Denornina- of Closing Change
tion marks price <p). .on “V.

£1

25p

50p

£1

17

16

14

14

15
13

239

116

39S

756

164i

27S

+ 13
+ 5
+ 5
6

+ ■«'
+ 24

1979

high

243

117.

406

774

166 ■■

2S6

-1979 'v>fk ' i ;

; --

556*.:^ . :■

- 226 -v

j — r — ioe j- per twirt rcumuuu seas ouyrng interest emergeu

oi E<i 'S r . t, 5 « Minimum Lending Rate gave a reflecting the -firmness of the •«„ 'ah”‘nii n

21 to 93j. Buyers g^jp l0 previously firm Pro- bullion price following tbe Inter- 5H£?“ ah 01 25 ,

perries. Land Securities ended 4 national Monetary Fund gold rSh-»

— ' — r - 'V'Vm" pernes. umu ocvumm cuucu ■*. nauoum Monetary ruua gum r^.: . o«u.orT<« oc n

15 to 168p and Sheffield Brick up Foods which firmed 5 to 122p £ p at 30 o Pf while Stock Conver- auction. The ex-premium index AJJ. 1 ® 4 Brewenes -5p

gold

25p

EMI

Banks quietly firm

The one per cent reduction in
base lending rates made little

_iother 6 to 66p. and Needlers, up 4 to 54p. sl on added 8 to 350p and Great added 1.1 to 120 4 „ „

ICI ■ touched 400p before Among Supermarkets, J. Sams- ® orUand E^tes 12 to 2S8p. A fair dehmd was reported European Femes

shadmg to close a net 5 higher bury added 6 to 307p, Assorted BrJtis|l x^and also found support for Free State Geduld, | better gUS A -

50p

25p

25p

at 398p, but Fisons finished un-
changed at 308p, after 314p.

Burton feature

NEW HIGHS AND LOWS FOR 1979

Buyers returned for the Store
leaders on hopes that the pre-

D aides 5 to 272p and William
Morrison 2 to 139p, after 142p.
the last-mentioned in response
to increased annual profits and
the chairman's confident state-
ment on current trade.

Annual profits above market

at 74p, up 3, and Bellway put on
5 to 103p. Percey Bilton and Fair-
view Estates both attracted
buyers, the former putting on 10
to 246p, and the latter 5 to 190p.

The tetlawmq securities ousted in the
Share information Service Yesterday

'attained new Highs and Lows lor

NEW HIGHS (105)

Norton Simon
Singer

FOREIGN BONDS 12)
AMERICANS (II
BANKS (Si
BEERS (SI
BUILDINGS '131
DRAPERY A STORES (10>
ELECTRICALS (SI
ENGINEERING <51
FOODS <3}

HOTELS (3)
INDUSTRIALS 122)
INSURANCE (41 '
LEISURE (3)
MOTORS IT)
NEWSPAPERS (21
PAPER & PRINTING M>
PROPERTY <51
SHIPPING (2)
SHOES 111
TEXTILES '3i
TRUSTS (5)

OILS (1)
RUBBERS (1)

NEW LOWS (48)

-l., . ™K' CN “"OS < 2» .

Chinese Sac 1925

Japan 4oc '70 Ass.

Boxer

„ AMERICANS (11)

American Express General Electric

Eendlx Core. I.B.M.

C-P-C. Morgan (J. P-1

Caterpillar
Crown ZdfertMch
■■mark

BANKS <6)

ANZ Commercial Amt,

Bank Lcuml Natl. Bank Aust.

Bank N.5.W. Cie. Bancalre

BUILDINGS (II

Brownlee

CHEMICALS (11

Wardle {B.i

ELECTRICALS (2)

Crellon Crellon I2pc Prel.

ENGINEERING (1)

Thossan

FOODS (II

Knit

INDUSTRIALS «>

Barget Fenner (J. HO

Baxter T rave no I Lavrtex

Co nri Dental Group SL Go to in

Dunbee- Co mb ex Swedish Match

INSURANCE (1)

Talsho Marine

PROPERTY (1)

Lend Lease

TEXTILES (3)

5nij VfscoM Monefort

□o. PrW.

TRUSTS (6)

Crescent Japan Jardine Japan

t. e. C Eurotrust Jersey External

G.T. Japan Nippon Fund

OILS 121

Weeks Pet. Weeks Pet PM. Ord.

_ OVERSEAS TRADERS 111

T ss:ftw- ,pe

OaLbrldga MWES "»

election period will generate an estimates and the chairman's
increase in consumer spending, confident remarks lifted Lad-
Burton Issues were particularly broke 13 to 239p, after 243p,
favoured with sentiment here while the satisfactory pre-
addltionally helped by a belief liminary results and property
that the group will produce a revaluation left De Vere Hoiels

Shell unsettled late

mat me group wiu prouuce a «*>uu a uuu ; no t hA

bumper set of interim figures at 7 to the good at 232p. Further [%n ^ nnari
the end

ordinary advanced

the A 10 to 300 r . #

while the Warrants dosed 19 to support left Reo Stakls 2Jr
the good at 166p. Marks and cheaper at 48*p, after 47p.

Spencer gained 5 to 116p. a, did ^

Quiet conditions persisted in
the Oil share market Shell,
down 6 at 756p, turned distinctly
easier

at £14, and Western Holdings,
£17. while the marginal West
Rand Consolidated put on 4 to
I69p.

South African Financials
edged higher ixi quiet trading.
Coals showed “Amcoal” a
further 35 up at 9 40p‘. General
Mining- put on 5 to 425p, after
430p; a substantial line of
General Mining shares was

Brews.
Commercial

TJn.

20p

25p

10

1,190

—

1J.98

‘ 72ff ;

10

119

+ 2

122

. 82-

10

405

+ 3

420

Sli.

9

98

, + ,3J .

100

, 80

9

120

- 1

144

115 -

9

157

+ 3

166

i2t:

9

424

426

288V

9

68

• - If

69i

-‘.554

8

169

+ 1 -•

177

140-;

OPTIONS

DEALING DATES- Hunting Petrolenm, F.

First Last Last For Mining Supplies and M and

Deal- Deal- Declara- Settle- Dual Capital. Glaxo,
ings- ings tion meut Oil and Talbex were dealt- x.

— - ----- for the put, while doubles were

i at 756p, turned aisnncuy vaenerai miimig saires ■ »■» — 3 . T nn 28 Jul. 10 for the put, while doubles were?

in the late dealings fofiew- reported to have been placed Apr- 3 P . joj 12 JnL24 arranged In MFI, CharterhalL^

e announcement that the through tiie market to Johannes- Apr. 18 Ap r30 Jnl. K JoL« aro^en ^tteTspilSSS

ny’s appUcation to increase burg. Union Corporation, 4 May 1 May 14 JoL r 6 Aug. i

fa*-'

W. H. Smith A, to 205p, while
Gussies A added 6 at 424p. Still
drawing strength from the recent
good results and proposed scrip-
issue, Bambers were supported
up to a 1979 peak of 290p before
closing 19 better at 275p. Ratners
added 5 to 86p. John Michael
put on 3 more to 33p.

Still on tbe recent good interim
results, AB Electronic encoun-
tered demand and advanced 12

Already firm, the miscel-
laneous Industrial leaders made

APPOINTMENTS

Computer bureau chairman
change at NatWest

Mr. T. McMillan, deputy
group chief executive (UK
business) of National West-
minster Bank, has been appointed
chairman oE CENTRE-FILE, the
bank's computer bureau sub-
sidiary, in succession to Sir
Edward Playfair, who is
relinquishing that position on his
retirement from .the Board of
National Westminster on April
24.

*

Air. Robert Thomson, of West-
minster Press, is to join the
Board of W. and R. CHAMBERS.

•k

Mr. Trevor Toolan has been
appointed industrial relations
director of LEY LAND
VEHICLES, a subsidiary of BL.
He takes over from Mr. Geoff
Armstrong, now regional indus-
trial relations director at BL
Cars.

Dr. Colin Gaskell has been
appointed managing director
of MARCONI INSTRUMENTS
(GEC-Marconi Electronics). He
succeeds Mr. Richard Foxwell
who retires from That position to

director of MORTON CHEMICAL director in the London office of
COMPANY, a division of Morton- RUSSELL REYNOLDS ASSO-
Norwich Products Inc., Chicago, GATES, INC., executive search
U.S. He continues as a director .consultants.

of Williams (Hounslow) UK and
Morton-Chimie SA., France.

*

Mr. P. J. S. F. Kennen and
Mr. J. WUkes have been elected
to the Board of FANE STEVEN-
SON AND CO.

*

Sir. R. Harper has been

Mr. A. N. Macieod -has en tered
into partnership with TEATHER
AND GREENWOOD, stock-
brokers, as senior partner.

*

Mr. A.G.S. MeCallum bas been
appointed a director of JAMES
FINLAY AND CO and of JAMES

appointed managing director of FINLAY CORPORATION, mer

COWLING

DISPLAYS.

SIGNS

AND

Mr. S. G. Robson has been
appointed finance director of
F. J. C. LILLEY and Mr. J. T.
Murray has retired from the
Board.

★

Mr. John Turner, deputy
managing director of Thurgar
Eolle, has been appointed to the
Board of the parent company
THURGAR BARDEX.

★

Mr. Geoffrey Kneen has
resigned as a director of

become chairman of the company. BLACKWOOD MORTON AND

Mr. Rowland Charlton, previously
general manager, has been made
assistant managing director of
Marconi Instruments.

★

Mr. Leslie Lambourne. has
been appointed production direc-
tor of PRESSED STEEL
FISHER a BL Company.

4r

Mr. Peter Mason has been
appointed executive director of
PORTLAND ASSOCIATES CON-
SULTING ENGINEERS. He was
formerly a partner with Pell
Frischmana and Partners.

★

Mr. A. Stones has retired from
the Board of F. W. WOOL-
WORTH AND CO.

★

Mr. EL C. James has been ap-

SONS (HOLDINGS) to take up
an appointment abroad.

*

Mr. M. E. Purver has been
appointed general manager and
secretary of the BAPTIST
INSURANCE COMPANY from
April 6. He succeeds Mr. C. J. L .
Colvin who is retiring from the
company.

+

Mr. David S. Haw-kins has
become- marketing director on
the Board of BUNZL TELE-
COMMUNICATION SERVICES.
Brigadier Roly Bortiraick takes
up a non-executive post on the
Board.

*

The Home Secretary has re-
appointed Mr. Woodrow Wyatt as
Chairman of the HORSERACE

chant bankers and Mr. J. W.
Cairns has retired from both
Boards. Mr. S. R. Stephens has
become deputy chairman of
Janies Finlay Corporation.

*

Mr. G. A. H. Palfrcyman has
been appointed to tbe Board of
CHAMBERLAIN PHIPPS. He is
managing director of the
Chamberlain Phipps group's shoe
components division.

*

Mr. Alex. H. Fetherston,
deputy chairman and chief execu-
tive of VF CORPORATION (UK),
has retired.

+

Mr. Bruno Mallvel has been
appointed financial director of
VULNAX INTERNATIONAL.

★

Mr. Jim Stevens has been
appointed secretary of the
NORTH THAMES GAS CON-
SUMERS’ COUNCIL. He suc-
ceeds Mr. Ken Brice who has
joined the staff of the National
Gas Consumers' Council.

*

BIr. Brian Bonner and Mr. Iain
Young have been appointed to
the Board of MTE LIMITED.

■*r

Mr. N. SL Stoughton, a director
Of WOELLWARTH AND CO.
(FOREIGN EXCHANGE), has
been appointed managing direc-
tor. He has also joined the
boards and becomes managing
director of Woellwarth and Co.

pointed secretary of MARLEY. TOTALISATOR BOARD for a. (Deposits), Woellwarth and Co.

Mr. James R. Fleming, com-
modities manager of BANQUE
NATIONALE DE 1 PARIS, has
been appointed assistant general
manuger and Mr. Martin Hooff,
foreign exchange dealing man-
ager and chief dealer, has been
made manager.

*

Mr. J. IV. S. Macdonald has
been appointed to the Boards of

further three years to April 30,
19S2. Mr.. Wyatt has been chair-
man of the .Tote Board since
May 1976.

Mr. Simon Callum has joined
RESPONSE ADVERTISING as
managing director. He was pre-
viously managing director of
CHARLES BARKER CITY.

■ *

Mr. John G. Kelly has been

(Overseas) and Woellwarth and
Co. (Management).

★

Mr. Leslie J. Clark, who is 65,
will be relinquishing his position
as chairman of VICTOR PRO-
DUCTS (WALLSEND) on
June 30.

★

Mr. C. F. Ward, chairman of
the Dobson Park Industries
Group, has been elected deputy

BOWMAKER and BOWMAKER appointed financial director of p resid ent of the NOTTINGHAM-

twv a x-m « * wo" r* -vx . . .t — * w — .. o u i O T MlAlfD'Dn no

(PLANT). Mr. J. W. C. Hart
joins tbe Board of Bowmaker
(Plant).

★

Mr. James Gillies has been
appointed a divisional director

GOVAN SHIPBUILDERS. He was

previously financial director of
Burntislam

Surntisland Engineers and Fabri-
cators.

*

The Earl of Westmorland has

of the LITTLEWOODS ORGAN!- been appointed deputy chairman
SATION responsible for delivery of SOTHEBY PARKE BERNET
services.

SHIRE CHAMBER OF COM-
MERCE AND INDUSTRY. He
has also become a committee
member of a new body, the
Nottinghamshire. Economic
Forum.

rtr

Mr. Donald Boy del!, head of

Mr. Neil Murphy has been
appointed to the main Board of
THE BUILDER.

★

Mr. Bryan Land has been
appointed European finance

GROUP, the holding company of pensions and insurance branch
the Sotheby Group. at the NATIONAL COAL

* BOARD'S London headquarters,

Mr. Miles BroadbenL managing has retired and Mr. Peter Stafford
director of Watney International, has been, made director of
has resigned from the Board of pensions and insurance, based at
WATNEY MANN AND TRUMAN the industry’s Pensions and
BREWERS to become executive Insurance Centre, Sheffield.

and UC Invest- For rate indications see end of
the good at 246p, Share Information Service.
mission. British Petroleum both came in for Cape siu^rt. Call options were dealt in
ended without alteration • at The sharply improved profits May and Hassell, Loixrho.
1190p. after 1194p. Among and increased dividend resulted Dutton Forshaw, Consd- Gold

secondary issues. Siebens (UK) in a good demand for MTD (Han- Fields, Town and City, Crosby

reacted 10 to 254p. gula), which advanced 5 to SOp. Spring, Barker and Dobson,

Firm on Wednesday following while Messina, which controls sidlaw, Montague L. Meyer,

Mangula, put on 3 to 99p m
sympathy.

Australians remained out of
favour following another poor

Marks and Spencer, New Throg-
morton Warrants, Consd.

Fields and Premier Oil. .-.nr

•Tit
' •»-

i tier--

•the annual statement, William

LONDON TRADED OPTIONS

Ap

r/l

July

Oc

TV

3

£

Closing

1

Closing

Closing

Equity

Option

price

offer

vol.

offer

Vo!.

offer

Vol.

close

860

348

400

1

_

119lp -

950

248

300

1

312

—

1000

198

asa

268

—

1150

49

130

—

154

—

1200

22

98

126

—

169p

160

11

20

—

25

—

180

2

16

10

— -

14

—

217'p

180

39

—

43

52

—

220

31;

26

17

25

27

—

240

1

—

9

32

15

—

100

5

— <

18

2

141;

—

104p

Courtauldt

110

ih

10

8

40

10

—

•1

Courtaulda

120

k' 40

31;

18

6

—

„

GEC

360

160

1

—

—

•—

406p

GEC

280

130

2

—

w-

—

—

GEC

300

110

2

129

•

139

—

GEC

330

80

2

103

1IZ

—

GEC

360

60

5

77

93

- —

GEC

390

20

64

53

1

69

GEC

420

61 S

13

34

10

64

—

18!>P

Grand Met.

120

45 tj

6

52

521*

1

Grand Met

130

351?

-

42

9

42 U

9

140

251*1 10

33

3

35lj

—

Grand Met.

160

8

22

181;

67

231*

16

ICI

390

18

34

35

11

44

—

39Bp

ICI !

420

llj

16

36

27

—

at

2BO

24

7

36

—

46

2

300p

300

7l;

5

24

- —

36

—

117p

Marks ft Sp

. 90

21

3

33

36

—

Marks 4c Sp

100

17

2

26

a

—

Marks & Sp

110

71;' 14

IB

19

21

—

Marks4cSp

120

3

70

13

4

IS

—

Shell

750

22

• 10

68

8

88

—

76 lp

Shell

BOO

6

7

41

29

62

■ —

M

Totals

385

318

28

May

August

November

BOG Inti. i

70

61*

10

8i z

13

72p

Boots 1

180

53

3

—

229p

Boots

200

34

81

42

49

—

Boots

220

IB

77

26

35

Boots

240

a

71

16

23

—

„

EMI

120

11

28

19

80

24

—

lElp

EMI

140

4

13

81;

16

—

§B

100

91;

15

131s

10

14

15

104p

lmperialGp

110

3»a

4

71*

—

10

10

vv

RTZ

280

33

■ -

51

—

68

—

302p

RTZ

500

21

41

66

1

|#

Totals

300

30

26

British Funds '
Corpus. Dom - and
Foreign Bonds

Charterhall, LJLC-. Edgar Allen
Balfour, Britannia Arrow,

Scottish and Newcastle,

and Melbourne markets. There 5™*™? JSSS Oil.

were some spots, however, in- Morris and Blakey

eluding Bougainville, 3 better at and Spencer, Burton Warrants, MJn« """I

132p owing to' the strength of William Press. Royco Premier .

the copper price. Oil, Ratners, Keyser U nlim a nn , ’ Tonis

RISES AND FALLS ^
YESTERDAY *

rises and Falls yesterday : .■ 4 . -

Up Down Sam*^' V?

66

1 B 20 .3&£i3E ''Is— -•

456 228 * ttrr. -

170 66 273 ^

10 9 19'^

5-: 3 2 S'*

40 ’ 30 70 '

6 3 23 •.

-

759 1 360 -1,295-' J?

RECENT ISSUES

EQUITIES

i£3 f° g ; 1979 1

issue 03 iS 2 s.'-
Price :£a ;n 50

Pi ;<0-JK ;1

stock

.High I Low |

'95 ,FJ>. — 194 ilBO iflAppl. Computer .1182 1 + 8 » 0.7|U.0: 0.6.22 A

65 If.P. 20:2174 68 iCaledonlaji Hldgs...Jl70 I /.7.3I 1.6J 6 . 41 14.5

" 'F.P. 16:2 170 118 (Hunting Aasoc.Dota.il66 I - |-|— j_

« F.P. 9;2 . 42 i 31 M.Y. Dart Dofd 89 1 —

IW | F.P. | 20.4,122 01 !sedgwlckF.NewlOp(ll0 |+2 fT5.0 | 2.1; 6.3;?1.1

FIXED INTEREST STOCKS

5*8 IftlhL 1971

'•cn. , u e . High f Low ;

Stock

5 I F.P. 23 2
99VFJP.I -

;10D ) F.P. I 4-5
96 <£20;23i5

B5e

5p, S3 pi Chepstow Racee 5% Cnv. Una, Ln. 1988i
99S»| 99i«| Cleveland (County of) Var. Rate 1984....

' ! F.P. 27:7

- 11.5
721; — 1 -
98 F.P. 14:6

BGp -

99S«:

53 Tj ......

105p

52>t| 52*4 Eng. Assoc. Storting Fd. Part. Red. Prf..

I05n I03p Orant (James) I0i 4 “ Pref

26 \ 191; ICFC 12l«S Uns Ln 1992 ) 23i-i

101 ig 99 Lee Valley Water B£ Red. Prf. 1986 ’IOH 31

108 pi lOCaLylei iS.i 11% Cum. Pref 106p

79 1 70i?MEPC6>t£Conv. Uns. Ln. 1995-2000....| 78«i;+l
10Ha 971«I Mid-Southern Waters^ Red. Pref 1984 > :10U; <

F.P. .26/4 aS0p 1 106pt rneoville IOI 4 -S Prof.-

10.7 p

“RIGHTS” OFFERS

Issue

ft

Latest » ___

Renuno. 1979

Stock

o > 0

£ o

S|o

+ or

p:

<£

•

■ ; High

Low

So.

115

60

F.P.

F.P. '

147

66

160

80

63

27/4J 8g

Burco Doan

88

F.P.,

30(5

27(4! 117

103

106

+ 1

33

F.P. '

4/5 1 43
18/5, 235

38

411*

+ ‘s

185

F.P.

23/3

210

235

67

34

44

225

F.P. i

7:3

20/4 109
— , 25pm
31/5j29aPm
20/4 1 298

74 «*
17pm

nr

Macpherson ID)

101

25pm

23pm

286

+ 1

Nil :
F.P. :

19,41

13,3

Park Ploeo Invs

Rank Ors—

—l

59

F.P. |

83/3

19/S 79

73

76

-1

27

F.P. |

14/3

25/4| 37

351s

Sekers Inti

331*

— 1

£2

NH }

—

— ) 34pm

32pm

32pm

— —

Renunciation daia usually Iasi day (or dealing free of sump duty, b Figures
based on prospectus e9timara. 0 Assumed dividend and yield, b Forecast div|.
dend: cover based on previous years earnings. F Dividend end yield based on
prospectus or other official estimates for 1979. Q Gross. T Figures assumed.
; Cover allows for conversion of 3hares not now ranking for dividend or ranking
only <ar re am cried dividends. § Placing price to public. 9$ Penes unless other-
wise indicated. 6 Issued by tender. U Offered to holders of ordinary shBrc3 as
a *’ rights." *• issued by way of capitalisation. §§ Reintroduced. ^9 issued in
connection with reorganisation, merger or take-ovar. ||H Introduction. □ Issued
la former prelerence holders, ■ AHoimont letters for fully-paid). • Provisions!
or partly-paid allotment lei lore . * With warrants, ft Unlisted security.

FT-ACTUARIES SHARE INDICES

These Infices are the joint compitation of toe Tmancia! Times, the Institute of Actuaries

and the Faculty of Actuaries

,4-

EQUITY GROUPS
& SUB-SECTIONS

Figures in parentheses show number of
stocks per section

11

12

13

14

21

22

23

24

25

26

32

33

34

35

36

37

41

42

43

44

45

46

49

51

59

61

62

63

64

65

66

67

68

69

70

71

81

91

99

CAPITAL GOODS (172).

BuikS ng Materials (27) —

Contracting, Construction (28)

Electricals (14) — : —

Engineering Contractors (12) :

Mechanical Engineering (75)

Metals and Metal Forming(16)

CONSUMER GOODS

(DURABLE X53)

LL Electronics, Radii), TV (16)

Household Goods (12)

Motors and Distributors (25)

CONSUMER GOODS
(NOK-DURABLE) (170)

Breweries (14).

Wines and Spirits (6) —

Entertainment, Catering (17)

Food Marufacturing (19)

Food Retailing (15)

Newspaper;, Publishing (12)

Packaging and Paper (15)

Stores (40)

TexUles(23)„
Tobaccos (3).

Toys and Games (6).

OTHER GROUPS (99)

Chemicals (18)

Pharmaceutical Products (7)

Office Equipment (6) —

Shipping GO) _ —

Miscellaneous (58)

INDUSTRIAL 6R0UP(494) ■

Oilsffel-

500 SHARE INDEX.

FINANCIAL GR0UPO15)

Banksfb).

Discount Houses GO)

Hire Purchase (5)

Insuranoe (Ufe) (10).

Insurance (Composite) (7)

Insurance Brokers (10)_

Merchant Banks (14)

Property (43)

Miscellaneous (10)-

investment Trusts (112) -

Mining Finance (4)

Overseas Traders (20)

ALL-SHARE INDEX (750)

Thurs., April 5, J979

Index

No.

270 J5
25325
413.42
650 JO
39528
203.08
17725

24229

328.25

27132

12638

25326

286.74
338J0
349.76

225.74
293.48
463-91
247.93
25238
18226
27224

92.82

22431

31238

273/0

14939

44054

251.73

257.42

669.79

29LQ3

204.78

244.62

26426

18439

167.85

143.14

347J9

9456

34551

123.90

23020

129.80

372.41

26658

toy’s

Change

%

+15

+15

+10

+0.9

+0.7

+12

+3.6

+13.

+L0

+0.9

+12

+1.7

+2.4

+25

+L0

+23

+13

+13

+22

+0.4

+22

-15

+0.8

+1-0

+02

+0.9

+0J

+1.0

+24

-03

+12

+0.9

+05

+22

+0.7

+1.7

+0.7

+05

+12

+12

+03

+03

+0.4

+12

EsL-
Earnings
YMd %
(Mat)

1537

1527

18.94

11.99

1732-

16.61

15.71

14.61

3155

1732

2057

13.98
1329
3321
12.77

16.91

10.98
1931
1731
1020

17.91

20.91
23.90
1433
1631
uun
3350
13.73

L 15.47

14.41

11.78

33.96

2732

1739

14.70

323

1824

14.48

13.42

Gres

Div.

•Yield %
{ACT
at 33%)

5.02

529

4.95

2.94

5.74

5.62

825

4.46

322

£.40

6.68

536

524

4.41

5.47

4.95

422

555

731

322

835

756

720

5.69

628

430

5.43

6.91

5.80

.520

325

4.87

4.99
4.94

6.99
4.79
631
653
5.46
552
237
6.48

4.77
5.49

6.77

4.94

EsL

P/E

.Ratio

(Net)

8.93

8.94

735

UAl

7.90

7.99

853

937

1225

7.98

630

935

955

1057

3037

7.73

1238
737
7.63

1426

723

5.49

4.53

8.66

726

1239
933
924
853

926

923

9.05

4.75

738

9.72

49.02

622

850

9.46

WetL,
April -

Index

No.

26637

24946

405.13

644.97

392.70

20061

Z7Z53

26755

25034

40724

64922

394.0

20120

273.94

24025

324.95

169.72

124.93

24926

279.94

338.78

34136

22353

28738

455.93

145.99

24724

18L61

26935

93.72

22235

30916

222.76

14836*!

43738

2493S

253,89

67224

28729

20320

24332

258.78

18323

164.99

14235

34535'

93.49

34L29

12356

229.42

12923

37123

26411

AM

3

Index

No.

24120

32723

17038

12539

249.91

27736

34225

34020

22632

289.76
45529
14626
24736
18339
27221

9325

2Z337

310.77
27631
14750
43430
250.02

25522

66924

288.73

202.78

24329

25612

18435

16430

X4L74

34427

93.41

34139

124.45

22934

32955

37239

26422

2D4JI {

vast*
32428 '?
435.73 >

29225;.^

362.79 J -
26419. ■}'.

24350

330.98

17126

125.40

242,93

32926

12235

12506

25129

277.(8

34743

34331

228.08

25225

29429.

45657

14807

24810

185.65

27537

9432

22539

31339

280J0

14956

44239

25163

273.94

346.41
34033
228.90
29633

459.42
35028

24826

186.68

27527

9525:

2252*

313.65

27928

148.93

.44030.

251.76

- f*

188.86

22407 ,j ;
169.45:

11833. \' f

19807.*.

22554
253.E
29032
189.25
Vf52Z~-
345.75

|T283lin
18601
,372.96 i
IJ35JS0' a-

■*: v;-.. c;

X871». . .

258.78 - - -.

24673: "

42224
19538

257-29. J 25730

r. -•

669.93 I 6&4.9ir4C.(S: .

2S0.92 I 290.47 ;

20455

245174

25730

18527

164.97

14320

34559

93.96

34421.

125.64

203.9*1

2QSJB?,

25828

2 2320 ' : £ ~

184.66

16351

14270

34402

9431

34407

12609

16477

;

19039'-'-

S.i:

229 JS
130.7L
37531

23103

12930

376.96

22779

9215—.-

28636

26600 | 2662BT206J3

FIXED INTEREST PRICE INDICES

Brrtirii Government

Thors-

Apfl

Day's

change

%

xd ad),
today

adadi.

1979

tO

1

Under 5 yean. —

107.84

+0J»

222

2

5-15 years —

122.92

+0.44

B|§||

L58

3

Over 15 years

+0.47

•-.•I

307

4

Irredeemables

14022

.+039

128

5 ■

All stocks—

118 £4

n

2.41

FIXED INTEREST
YIELDS

Br. GovL Av. 'Grass Red. _

10

Low

Coupons

5 years

15 years. 1

25 years..:

Median

Coupons

5 years.-

25 yean..; j

S years.

HHrfi

Coupons

5 years.

15 yea*.

25 years

Irrede e m ab les.

Thurs.,

April

5

909

1030

lOJti

10.78

1152

1LD

' 1123
1190
1209

3058

Wei,

April

4

932

1037

10.91

2052

3357

3107

H26

■3197

1233

2IL62

!;f=h£ST

.Year.

*SB ■
(apprnxl

7.92 •>
1036

.1059

986

035 ■ ■; Ml ....

u.66 . ;

1033 :.V: ; .- .

3197 ,-i

1228

■ i -v...

‘S

1832 -*■:&

Thurs. April 6

Wed.

April

4

Tubs.
April
' 2

Mon.

V.

- FrL

Mar.

Thurs.

■Mar-

-29

Wed.-

Tubs.
Mar.
■ 27

Year.,

/approx)

index 1 Yields

No r %

15

20-yr. Red. Deb & Loans (15)'

59.18 1

112.55

59.28 !

59.14

58.93

88*4 j

68.44

. 57.31

--58^4 |

60.37

16

Investment Trust Prefs. (15)

51.46 !

13.61

61.46 !

51.64

51.64

51J54'|

53464

stiff

81.B3.

86.57

17

Coml. and Indl. Prefs. (20)

72.79 ,

12.82

72.73 ]

/

72.73

72.49

72.14 |

72.00

' 71.47

illA0‘

73.15 ;

>*V.

£.‘i :

1 Redemption yield. Highs and lows record, base dates and -vshia*~end „

Saturday issues. A list of the constituents is available from iba Publishers/ the
Cannon Street, London, EC4P 4BY. price 13p, by post 22p.

. _ are. published- ? s ~-'

Timadc.' JBrsaken Houeo. k* .

33

- : s Ahb*f UnJt Tst. Mnga. (a) '

! - 1 -. ^2^0. SKewwe w.'Ayr«)iinv = •; amsw.

■ ,.'• VbUy&IH)rtt-T«..-i?083 -mm'-OJU-MJ -

- ;•>««!=» 'Ira -a

*• . • ■■•: lUjevliv.Tu.Fi™ p - ;■ . fljS -Oj «?

• . Janet On. Tsl. 54J.1 • ; 57.W +g.fl ; 4,05 ■

■'; Tqohas Prog . t 5.\__|714 ..• wfl*0.9[.-4J6 ;

' • ■• Afltn Harvey &~Ro» Unit-Tft Mngrs.

- ! >5, CamMlI, London EC3V3PB. 01-623«14;

r jiEbq+ui lza ,

AIK^it Hambro Croup (a) (g )% ~ ” 1

^&2iassr36h?a&>- ■

< ■' tUMttrt Fndt • • -•

_. " . J(i«tiu ;.„ r m5 ’ ma l®'-.

THL.lrafc.Fiml 76.7- SlU+fli

£»:=:& -il

)an*Ht> Acc. F4.-__, M5.7. BSS +U*. <LZL.

xcopw fundi - „■

ligfrYleld Fd_^.„«03 -8S.9J .LjJ 757

triewfc’ PrewfLUnltTrAMgR.*
RdamEwf.toVVji

tessr^K. • sra »•

E mdjPrW.UIL— .f
Acaim- ,.f

Fnods.fi! Canrt^ ■
’ PnbflcTrnitee, Ktagw

rupos m uouri- -.■.■■ • . .. h .

/^oauttuftrartaed to.mxwi ts»JfJco^'artnA.

SLT.'.iJnK Manners Ltd.?

36 Fuabwir Ciran, ECJM 7D0 ' 01-WBK31

C.T.Cjp.1k— —GPM 11331 — I = £3

Mlnstfr Fund Managers Ltd.

Minster Hse.AnHirSL. EC4. 01-6231050

SSS^.:::.K, JU=] K

MLA Unit Trust MngmnL Ltd.

OW Queen Strew, SW1AHJG. - Ol-BO 7333
MU Units. — 156 Q 5SV| .... | 3.3

Murray Johnstone U.T. MgntV (a)

1*3 Hope Street, Gtasgm., G2 ZUH. 0« - J21 5521
MJ European. .174,0 . 7831 -06) 4.17

Dealing Day Fritter. '.

134 ij
BSJd

aTl

TtetrubanH Funds

aclfi?FBita'”~£
ees-Of Amertea___l!
.-pccWht fums. .'.

- taSndr.Co , sFd-^&7 tUrf +0J1 «-D5

n eastadte-:

; .TH^Mnp^.iU.9 ■ 71-6] +02| 4.05
* t; STSt _«ii -tui 255

ndeison Unit Trust Managers Ltd.
jSLF*nchi«fiSL,EC3M6AA. . .- .,..6239231

:••: ntferson U.T„, 158.0 '623*1 — J 4.43

.-nsbacher Unit Mgmt. Co. -Ltd.
j-' NoMeSL.LC2V.7JA. .' " ' 'QW236376
‘ • .X, Monthly Fund_ u (180-0 ._ 93

""•n^rbuthnot Securities LbL (aXc):. . .

Queen St., London, EC4» 16 V.- Q1-Z36 5261

iw.YUd-^146* -

:::

zt

«tra Income Fd
inline. Food..
lAcoim. Units*

?,% W’dTBd. UtsJ
reference Fund
Iccurn. Urdts)

apital Fund

ommodlwFund
SctMTV UWtSI—

10%WP*urt.UJ
ln.aiPreii.Fa
-Jnds Fund ..

Acaim. Units)
ruwth Fand_^

Acaim. Unitij.

•Duller COS F<L
astern 4 Inti. Fd.

□% Wdmd.UlS.)

nretan Fd_

I. Arner. & hrt. Fd.

irehwajr Unit TstLMfs. L tirW(c) '

17. High Hqfljom, WQV7NL.' 01-8316233

tarctays' Unicorn Lid.f (aKcXg) -
ntcorn Ha &Z fipmfed Ad, €7. 01-534 5544

nlcern America 0U : " 33.41 LSI '

e.AusLACL
U.AlBLllK_

e.T.loc.FiUn
GT.U.&& Ben.

. GJ«Japan8sGw

AGLPeW.Er.Fi
-££1nn.Fi)wl.-
GXFouTVcfc. Fd_...

G.T, Far E«t & G en.

. tk. trust (a) C|)‘ ....

■ is RtateWiRo*. BrantWBOi. ••• 1IE77) 227300
|39.l ■ 4ia +0Jt -4.«

/SartiMie Fund tAanagersy (aXs)' -
2 SL Ma>y Axe.EOA BBPJ 01 -283 3531

fesfe ia a

GHibs (Antony) IWt Tst. Mgs. Ud-’ W
3^edert(*^PL, Old Jewry. Ed 01-5884111

E iira I ftcorne 35-1 +Q4 t 3££

sSIWu T.W-2 . 5i2a +0.1 4-3

Tectnology i-»U ..-77 4 +0j 3^5

Far East Trust jgJ S3 +0-3 3W

fiavett (Jobwyr. • •- - JV - L

. 77 London WML EC2

Mtrfm Unit Trust Managers* <aXg)

15 Copt hall Are.. EC2R 7EU. 01-606 -Wa3

“*«[ 5«. Plus B6.9 60-3 -Oil 6 «

Mutual Inc. Tsi Jg.6 - S4.M -a.] 2 S

Mutual Blue Chip.... 49 0 5Z.W -o 1 25t

MumalHtahYhCJ® 6613-0.3 8.08

National and Commercial

3L SL Andrew Svare, ESnhur^h. 031-5569151

Income Mart* 28... .|17S.g 1823 ... | 543

(Ascum-UmisJ...... .2448 2533 543

Capt March 28 147 4 12.1 ' 7 09

Nat iwaJ Provident Inv. Mngrs. Ltd.*

48. Gracechurch SL. EC3P 3HH.
N.P.I. GUt.Un.To_.... 156.9 60.61

{Aeeum.Unltsl-_..._.70.f 75l

NPl Cse as. Trust 131.7 139.4d

(Actum. Units)** 24L6 lilS

"FHees on Fro. 29. Me*t drill no
•Pntes or March 28. Nnt deatmg

national Westminster* (a)

161, Cheapside, EC2V 6EU.

01-0234^1

Prorlncial Ufa Jitv. Co- Lid-*

222, Blswosaate. EC2. 01-2476533

iS

Pnidl. Portfolio* Mngrs. Ltd.* (aKbKc)
Hoi bom Bars, EC1N 2NH. 01-405 *222

Pnidewlai ... |15p 161 (H +0-51 415

Quitter Management Co. Ltd.*

The Slock Exchange, EC2N 1HP. 01-600 4177

Quadrant income ....._|147.B 152-41 .... | 7.31

ReTiWict Unit Mgrs. Ltd.*

' Reliance H*.. Tirtmdse Wells, KL 0892 22271

JIH J|

Set- forte T ik H5J 48.4«| -0 Bl 5.23

Ridgefield Management Ltd.

38-40. Kennedy SL, Manchester 061-236 8521

RldOeOetd InL UT ...-.(§5 0 ,«.g -B.0) 2 U

RldgefieM Income fw.Q 106 0) *2 Oj 8 68

Rothschild Asset Management (g)

72-®, Gatehouse M., Aylesbury. 0296 5V1
N.C. EgurtvFund OW.9 2020d+l< 3.47

M. C. Eiyy. tin. Tsi. - 1160 123 J -0.1 240

N. C. Income Fund— 168.4 179.]J +0.9 6.90

N.C. Inti. FA tine.) 816 H S *fi4 SH

N.C. mu. Fd. (Acc.) 82.fi. _67.a +01 2.11

Scbleslnger Trust Mngrs. Ltd. [a) fzj
140. Sooth Sired, DoH.Inq. <03061 86441

Am. EiempL 1»3 &54 +011 453

Am. Growth -K -6 T’J'j 2-79

Am. Smaller Cot — M.5 lP+0 4 - .

E^HtahYW.---3D|
ExenvIUkLldn.— >U

E.tmlcc. Tit- 3L8

Inton* CHSL 942

lrc.10% Wivn- 3J*

Inv TsLUifiK 2||

Inti. Growth — . — — S-?
Markrt Leaders - *53

SSS2&? -z 1

(JSl Gnh. AcamvZS.O
U.K. GrtfuDfeJ. W.1

Biai

30 4 .. .
53 2 -0.2
18 h +0 4
' 33j *01
24.9b ...

411 +05
42-la ...
30.1 ....
25.?

M +05

Mm

203 3 +0.2

0396 5941
+ 1 41 3.47

Income^. 384

PwtfcTiO in*. Fa. §02

Universal F«Ud) 49.7

. 01-6066060
fS-T| +031 . 3.58
Tig +05 7.73
405 . 4 79

1030 +0.7 443

41.2a *03 6 74

H f +0 b 524
53 « -0.2 2.66

sl

7T London Walt, EC2

firievesenMsagewtentCo.Ud.'

OT Gresham Street, EC2P2DS n-b06i4AS

BantngbM Mar_28.-^5* 267J>. — f+7

(Accum. CiqltsA.

Gmchster. M«cb30

tAccum. Dtdtsl

Ln. & Brats. April 4
(Accum. UMts)...:.

Guardian Royal Ex. Unit Mgrx. Ltd:
Royal Exchange, EC3P30N 0L6Z8«ni

tag) GuKtHIj Tsi— fllO* 114*| +0*| 3^

Henderson Adqumstratien* (aKcXs)

UJ L Fonda

NEL Trust Managers Ltd.* (a}(g)

Milton Cowl Dorking, Surrey. 5*11

rw^rHghTn'£:~^i toll

Norwich Union Insurance Group (b)

P.0. Bo* 4, Norwich, NR1 3NG- 0603 Toonft
Group TSL FA [4193 441 4^ +3.5J 4.71

Pearl Trust Managers Ltd. (a)(g)( z >

252. High Hoi born, WC1V 7EB. 01-4058441

Peart Growth FA VIA 29.71 +0.1| 4 52

Accum Units 328 35 ^ +0 jJ A^Z

Pearl Inc. 373 «J+o3 634

Peart UoItTsL 4 LI 44 3 +021 4 77

(Amen. Urdts) [543 58 2 +o jj 4.77

N.C SmllrCoys FA.-I19L0 203 3| +0.21 330

Rowan Unit Trust Mngt Ltd.* (a)
aty Gate Hse,] Fmsbury Sg., ECZ 01-6061066

American April 5.—. -|66 0_ 6951 -05J l.jg

SeturUiesABrt3.-...l3)55 21 6S ....T 3.95

High YtetaMarch30.|w8 63* 8 03

(AccurlUoKs) Ml f|j|.... 853

Merita April 4 — n-.JjOd ,?53 372

idcarniTunitsi H13.8 119 N I 5.72

Royal Tst Can. Fd. Mgrs. Ud.

54. Jermyn Street, S.W.1. 01-6298252

Capital Fd, 75 5 79.71 1 326

)nmme Fo. J76 6 BOJj .1 6iS

Prices a March 30. Neri deritng April 1Z-

Save & Prosper Group*

4. Great St. Helens, London EC3P 3EP

68-73 Queen St, Edtafawgh EH2 4NX
Deaflngs to: 02-554 3899 or D31-226 7 351
Intemattmif Fund*

Uidv. Growth (69. h 74.Q +O.S| 2-13

61 At +021 7.44

S!5=*: «t

UKeK? I SI. 8

Oreneas Foods U)

J. Henry Schroder Wagg & Co. Ltd.*
120. Cheapstae, E.C-2. 01-2403434

Capital Aorll 3 — -Ml« 121.61 Z.»

(AcaunrOiiitsi 1433 143 4 278

income April 3 — ?1?5 226 9 .. 6.90

lAcasn. Urisl 334 7 346.6 .—.. t.90

WS.4 3.87

iSi -u iS

*EB*B=fa JH=1«

*F«r ta» e»empi hmtk only

Scottish Eguttahle Fnd. Mgrs. Ltd.*

28 SL Aivfrews 5Q. Edinburgh 031-556 9101

income Units — -1575 6lZrt | 4.60

A«im. UnhS- - M 0 72J4 4 4.B0

Dealing Oay WettaesdSy.

Sefcag Unit Tst Managers Ltd.* {a}

PO Box 511, BcXHry- Hse^ EC4 01-2365000

SetogC^HiLFd K1.2 43.lrt+0JI 3J8

Sebag Income Fd li>5 3 5 U3 +o!l| 7.75

Security Selection LhL

15-19 Lincoln's -Inn Fields. WC2- 01-831 693619

Utrvl GthTB Act- — 1252 2691 1 4.52

UnriGthTBl* 1214 22a| [ 452

Stewart Unit Tst Managers Lid.(a)

Target Tyt Mgrs. (Scotland) (a) (fa)

19. Athol Crtscenl, Eifin. 3. 031-22SaWJ,2

Is

Ertra Income Fd -I63.1 . W.9a| +D.1] 953

Trades Union Unit Tst. Managers*

100, Wood Street. E.C.2. 01-628 8011

TLUT March April 2 .[575 615MI ... I 4.77

Transatlantic and Gen. Secs. Co.*

91 -99 New London Rd. Chelmsford 0245 51651

(Aconn. Urdts) 116.3 1228 -2-3 3.91

CdMW March 30_. 147.4 1555a 5.16

(Accum. Units) 185.1 1952 .... 5.16

Cumbl.AprilA 614 65.6 6.38

(AcoaiLUmts) — SS.8 73.4 6-38

Glen April 3 «J 4.M

(Actum. Units' 762 81 0 4.60

Maftom Aprils 554. 57 Ba 2.92

(Accum. U1U151... 64.3 .67 4 292

Van. GmUi. April 3 ~ 55.7 H5

(Acaim. Units). 70.0 736 ...... 185

Van Hytaril 3 78.5 82 7 ... 8.08

Vang. r« April 4. M.l 52J« 6.2

(Accwri. Units.) 53 3. 563 . ... 6Z2

Widnnr. April 5 7 LI -26 «36

(Accum. Units) -37Z 92.2 -22 436

Witk-Div. March 30 - 77.4 824 ...... 7 65

Do. Accum. —.90.6 96.7) 7.65

TyndaB Managers Ltd.*

18, Canynge Road, Bristol. 027232241

Income April 4
IAccwil Units)

Capital Apnl 4
(Acaim. Units)

E i

01-831 693619

a =d a

45. Charlotte Sp- Edinburgh.

IStawart American Fund

feundart Units— 158.7 62.9 -0.2 159

Acum. U™ts..-. 635 67.7] -65 150

jiff •:::::! 1$

0Hfi«9 t~ur,. 8 Fn. 'Wed.

Sun Alliance Fund Mngt Ltd. *

Sun Alliance Hse. Horsham. 0403 64141

WBaKaWPIHid IB

Target TsL Mngrs. Ltd.* (a) (g)

31, Gresham SL, EC2. DeUmgs- 0296 5941

t^+dJ llh

SS^&n=S& :5?1

aDo/acc. Urati- 328 5 3455 .... LIT

Taroet Glit Fund 134.8 ML4 +02 3 00

Target Gfowth--..- ■ g5 36tfai +D2 « S

031-2263271

5561 +051 458

MzrM

Pelican Units Admin. Ltd. (g)(x)

57-63. Princes SL, Manchester. Obl-236 5685
Pelican Units QHZ3 . 110Du| -05{ 4 18

Perpetual Unit Trust Mngmt.* (a)

48, Hart St, Henley on Thanes 049126868

P'peuiaiGtkGlh 156 b 60.81 +3.61 357

For Piccarfflty see Gibbs (Antony!

Practical invest Co. Ltd.* (y)(c)

44, Btoomihory S4,WC1A2RA 01-6238893

JHEftKlzJK

Sector Fnnds
Commotfiy — 190 2

1 Financial Secs. (753

a Mngmt.* (a) H^lfudioom Funds

T* SjSSfcirBV* ^y+ol 7oS

b hO.Sl +3.6) 357 Funds*

!< Gibbs (Ajitsoj) eaissr-JRi 'MSri in

. }ri u fv w r . •Prices at March 28. Hen suh. ttty April U-

"aSKA ^ 01-6238893 44, +0.3 3.76

I:? i ^:d 4.m &&—dk nas is

INSURANCE AND

(Acam. Units)

I nt Earns April 4
(Accum. Units)

Prrt.AoHM _

(Accum. Units)

24. Castle St-Edinbinh. , .,,03122

SML Inc April 4.. [175.4 186 « .. . .

Scot. Cap. April 4 1155.6 lS.ol

(Acaim. Units). -[188.6 200.0| — |

London WU Group
Capital Growth
Do Acaim. . ...

Extra Inc. Growth

- Do. Acaim.

Financial Pr"rty

Da. Acaim

High Inc. Pnwity
International
Special Sits..

TSB Unit Trusts(y)

21. Chantry Way. Andover. Harts. 02641

Dealings to 0264 634323

fblTSB General 1525 SO .,... 3.86

(bl Do. Accum. >8.4 73.1 3.86

(bt TSB Income b5.9 70.2 7.04

(bl Do. Acaim -70 7 753 ...... 7 04

TSB Scottish. 892 ,94 ? "XX

(b) Do. Acaim. [965 1027 +0.1

Ulster Bank* (a)

Waring Street, Belfast. .023?:

(b)UJscer Grewfli —1413 44.4[ +03)

Unit Trust Account & Mgmt Ltd.

| “. ( 056
0312251168-

(....[ &9G

521

I I 521

0272 32241

I3S.W

.023? 35231
44.41+031 556

Target Paclflc Fd — 229
Do. Wetav. Units 255

SSStoniffi.

TgtPrefT — 131

TgL Special Sits. 225

King William SL EC4R 9AR v*-—

Friars Hse. Fund MSA 48.01 I

Wiekr Growth Fund
King Wilnam SL EC4R 9A^.

Income Units 1335

Accum. Units (40.4

01-6234951

I 456 '

.. I 427

...J A2T

01-6234951

PROPERTY BONDS

Abbey Life Assurance Co. Ltd.

1-3 SI. Paul's Churchyard. EC4. 01-248 9111

Property Fd. 1&.7 170i —

iSSSSfe---^ r.:: -

Convertible Fund 1376 144.' —

•Money Fund 127.7 1345 .... —

♦Prop. Fd. Ser: 4 I4flL7 KS2 _.... —

•Man. Fd. Ser.4 _. 1520 IbQJ .... —

■ *EquRyFd.Ser.4_ 40.4 426 ..._ -

•Conv. Fd. Ser.4 U75 123 j -

•Money Fd. Ser.4 1151 12L2 —

Prices at April 3. Vakat«n ncrmaliy Tuesday.

Albany Life Assurance Co. Ltd.

31. 0(tf Burlington St, W.l. 01*43754

•Equity Fd. Acc. 1225.7 237J1 -161 -

•Fixed InL Acc. .,.

Fd_Atx.

(in. Acc.
Pen.Fd.Aix
Fixed I.PeiLAcc—
G’td.Mon.PenJtcC—
Irtl.Mn.PnFflArc

+01] —
+0.J 12.50

-g-j

Proo.PenJtcc.
Kite iM.PeoJ

14CH-22
254fl +tt?

01-5345544

Mtfe lav.PeaAcc
AMEV Life Assn ranee Ltd.*

Alma Hse_ Ahna Rd, Reigate. Retgair 40101

AMEV Fixed InL 995 1043 +11 —

AMEV Prop Fd 105.9 M3 ..... —

ral

AUEV/FrudBxrtsa

m=

Far Arrow Life Assimce see
■* ‘Prw Wrote Ckpttal Lift Assurance

Barclays Life Assur. to. Ltd.

252 Romford B4. E7. 01-534 5544

p^=BS

arasr—i 7 / ^ =

Managed 12Lt> I2aj +8-2 —

Manev__ KaJO 1085 .... —

Man-PensJuxurn P20 j 126.7 .... . —

Do. Initial fiB-S W.6

Gilt EdgPensAcc. — gl|a 12L1 —

Do. frpuai bgaa 113J —

Money Pros- Acc [10b- 9 li-f-W —

Do. Initial —- - 1100-2 , KfaiJ -

"CsreNt wit value Ajvil 4.

Beehive Life Assur. Co. Ltd.* .

71. Lombard St, EC3. 01-6231288

Black Horse Man. Fi.

Managed Imr. Fd..

Property Fd.__

-Fixed Interest .Fit
CashFd. _
income rd.

Extra Income Fd.

Wsrithride Growth Fd.

Balanced Fd

Canada Lffe Assurance Co.

26s High St, Potters Bar. Herts. P. Bar 51122

SSMMUM”®!- i:d =

Cannon Assurance Ltd.

1 Olympic Way, Wembley HA9 0N5. 01-9028876

r *2 -

Equrty^^gM— V|4 -3S —

BaLfedJ&aUniLlI 3j.69 SJa -657 —

Depo^Bond U65 1213 — —

Equity Accum 35,. ~ •— —

Property Acoan 3459 — —

2nd Managed jjw5 I+ij —

lMa l§5 -

gSwfri ladE

Crown Life Assurance — contd.

Property Ft Arc. — 98 4 0351 +01 —

Property Fd. Incm — ffi.4 035 +0.1 12.50

P/nperty Fd. Init 95.7 0071 tOJ ~

lnv7ro.Vd.Acc. 1165 ?ZM -Di ~

l nv. TsLFd. Incm. — 1135 9.4] -0.6 S.86

l nw. TO. Fd, InK. ll|3 119J| -0.6 ~

Fixed InL F^d. Acc.— , H3.7 9B . .. — ,

F. d. InL Fd. Inan. — 1123 UflJ ... 1113

Inter'I. Pd. Acc IS3 bS -01 —

Inter'I. Fd. Incm 1 102 116.0) -02 6.87

Money Fd. Acc 1001 105.3 . . . -

uli^i 1:8

Crown Bn. liw.'A‘._. .]T70.7 — ] —

Crusader Insurance Co. Lid.

Vinada House, Tower PI. EC3. 01-626 8031

Gth. Prop. Mar. 3 — ]820 93.U I -

Eagle Star InsurJMidbnd Assur.

L Threadneedle SL, EC2. 01-5881212

EagieiMtd. Umls .[63.9 665) +0.7] 5.45

Equity & Law Life Ass. Soc. Ltd*
Ameradam Road, High Wycombe. 0494 33377

li :n = ’

Mixed Fd - ..[1265 133J( +0JJ —

Gartmore Bonds

For underlying prat prices of Girl pore
Lloyd's lire Bonds see Gartmore Fun)
Managers under A uthorisrd Uni! Trusts

General Portfolio Life Ins. C. Ltd.*

60 Bartholomew Cl, Waltham Cross. WX31971

vm aastw sad =

Gresham Life Ass. Soc. Ltd.

2 Prince of Wales Rd.. B’mouth. 0202 767655

G. L.Cash Find P5i-? Jft-H — I —

C.L Etjjjily FunO |ll9.B 126JJ ...J —

G.L Ell; Fund ..[1275 p4ffl „_J —

G.L lniL Fund 3J? , 3l — 1

G.L. Ppty. Fond 111161 11L7] -I —

Growth & Soc. Life Ass. Soc. Ltd.*

Weir Bank, Bmy-on-Thames, Berks. 0628-34284

B^S^LjBL] : j =

Laodtank sk Acc. _D24.8 . 1287] ... J —
G.iS. Super rd. — | ^*1 T - 4 —

Guardian Royal Exchange

Rojo) Exchange, EC 3. 01-283 7107

££&.££ “laa.M < -

LuniHa ^ _

Gresham Life Ass. Soc. Ltd.

2 Prince of Wales Rd, B’mouth. 0202 767655

G.L.Cash Find Jft-H — I —

C.L-EquflyFund JX19.B 126JJ ...J —

G.L GlhFund -[1273 paffl ..-J —

G.L 1ml Fund 0®+? U2Jl —

G.L Ppty. Fond 11061 1117] - -I —

Growth & Soc. Life Ass. Soc. Ltd.*
Weir Bank, Bmy-on-Thames, Berks. 0628-34284

127J -0.4
1277 -0.4

Property Acoao..
Miwd-ACOxn.^.

mm

Ctxrtrc value Aw8 4.

Capital Life Assurance*

Cowston Hsase, Chapel Adi WMi. 090228 5 1 1

** I rj r

Charteriipose Magna Gp.*

•«.! C—.

Magna aid. Soc

Magna Managed

CMeftasn Assurance Funds

U New Street, EC2M-?m_ 01^33933

Managed Growth
Managed Income
International U)

High Income

I name & Growth
Basic Resources
American Ul—

B g M r.d H -

City of Westminster Assur. Co. Lid.

RjggjJWg, fc

Wea Prep. Fund 166.6

MantgrtFuod

EguttyFund

Farmland Fiwd

um MiZIS

PULA Food—

Peru. Mo«L Can — ,

Pens. MrgcL Acc. —

Pens. Money Cap

Pe»L Money Acc. —
p*«: Equity Cap

fens. eSBax. —166.7 yiL q+Ld. —

SucarwoUy ctord tonew umestmem.

Perforta Units ] 2414 [ — -f —

City of Westminster Assur. Soc. Ltd.
Telephone 0WB4

Sg^terrl W

CoumarAi Unioa Group

SL Re Jen’s. 1, Underahaft, EC3. 01-283 7500

saayffiia ss- M =

Confederation life insurance Co.

50, Chancery Lair, WC2A 1HE. 01-2420282

V Equity Fund ffigl 853— -

«nB“~“W L 3x: -
SSJWSfrB, J|- =

Grtx» Unc£Pen — 3S8 StS — —

fixed InL Pen. 22 11 - 224 71 ■ — —

Etpdty Pension ^-4 2j5| —

P,.nnii_nj 1 si y ft i 3 ^

Corahfil Insurance Co. Ltd.
32.CcreMI.E-C3. 01-6265410

a«EfiSnnP*M-J=l x

MnSrtLUarcli2S-|l9M 2035 — 4 —

Credit & Comrrterce iiaarance

120, Regent Sl Lotion W1R5FE. 01-439 7381

C&C Mngd. Fd. (323i0 133JR 1 -

Crown Life Assurance Col Ltd.*

Crtwn Life Hse, WUilng GCJZlZXW. 0486Z2B3

Mang’dFd.lott..

iSSfclKSo f|3|Tr 3

EqatyFUrJi (UZ2 JlEli-r03 —

Eqtity Initial

FlxrdlnL Initial

— Do. Acaim..——

— Intemnxmai Initial

— Do. Aauxn

— Ppnjprrty Initial

— Do. Acam,

— Deposit initial

— Do. Acorn —

— • Harahro Life Assurance Limited*

7 Ud Park Law, London, W3 _ 01-499 DD31

™ fflisi =

= ssgjs-d5=p jfith =

SgSS“— ® -2J -

8876 Gib Edged 138.7 1«J -0.7 -

— AjwrlouiACC. 1017 1065 -0.7 —

— PenJj.Dep.Cap 133 4 1405 -

= 1 ::: =

_ Peo.Preo.A3U~ — 292.4 307.1 .... —

— Pen. Man. Cap Cfi.a z5£ffl —

— PnUi^^.. jgO —

— p 5 fe ^5._ 1617 —

_ Pen. D^-F. Cap. 107.6 —

— Pea QjLF.Acc. 112.0 . — —

ZL Hearts of OaJt Benefit Society

— 129, Kingsway, Loodno, WC2 B6NF CQ -404 0393

— Hearts of (tak 138.7 408) -6JI —

— Hill Samuel Life Assur. Lid.*

NLA Twr, Aadiscombe Rd., Croy. 01-686 4355

f^, u S?5-“SJS:? ffil :d =
ssu SSD3^r*-=i.i z

Managed Series C ^ c “ J - nl * —

Mosey Units
Money Series A.

Fixed InL Ser. A

Fixed

hat

Irish Life Assurance Co. Ltd.
33, Finsbury Square, ECZ.

gseMSfcf'

MmoedFuad —

Ser-!*

ExesBrt.Man.Fd .

PrspTUd. March L

Prep. Mod. GtjL_
PiaMdSthSer.

tom Hse, Holmbrook Dr, NW4. 01-203 521
nt Pea. Fund _|M5.X 13061 ._.J -

ham 'A Wan I7L4 74 9 .._.J —

*Bood 1517 159.2 -

(SP) Kan Fd |77.8 BLq — J —

liHE. 01-2420282
II 2053! .._J ^
:

PnsjfiBs) Lid

iS^+Oi —

Lloyds Life Assurance

20, Chiton SL. EC2A 4MX

Muiw Grwth. WarJl 1.57702 ' | ... —

Apr 5‘A , Profl.'Aprii 5 155J 153J] +7.e —

oT5-A-E£2>torfl5_ 157’ 1653-47 —

SIa'HOPiIJ-. Jfa7^ 175^-23 -

Od 5' AHuta April 5. 172.0 18LU -L6 —

OP J'A'DeiL Ap»il 5 — |X26 8 135_q +0^ -

London A’deen & Nthn. MH. Assur. Ltd.
129 Kioosway, London, WC2B 6N F. 01-404 0393

‘Asset Builder' |50.S 537] +3J] -

London Indemnity & Gnl. Ins. Co. Ltd
18-20, The Forbury, Reading 583 5 LL

m~M -

nx4d Interest [374 395] +0.1| —

London Life Linked Assur. Ltd.

81 Mis William SI., EC4N 7 BO. 01-6260511

EflihtyFund 970 100 01. — —

Fixed Itierest Fund.. 9=?i 10a« . - —

BSSSfi£=S& ffl :r =

MixedFiwd 980 lOO.Of .._.J -

The London & Manchester Ass. Gp.*
Wirstade Park, Exeter, 0392 52155

Can. Growth Fund.™ 25U - .

Aflat. Exempt Fd. £52.9 .... —

jExetnpt Prop. Fd. 103.7 —

ISmTlrw. Ta. Fd. 178.0 .. .. -

Ft25eFund 124.2 _... —

Inv. Trust Fundi 152.0 —

SffSJSfcr. m d =

M & G Group* .

Three Quays, Twer Hill. EC3R 6BQ. 01-626 4588.

AmerieaflFdBd* — MJ7 5J^ —

Cam+rt. Drcxwt'„_ 123.7 130 ... —

Equity B<SF* 159.2 1673 -31 —

ExViVleldFd.Bd.*„ 95.7 UHXC , -

Family 15§0**_ W6 — +0.7 —

Family el-86** &6 9 - . -3i> -

Gm Cent)— — Jis J 124.4 ..... —

Interea’jii. Baxl""— lfll.9 107J -1.7 —
Japan Fd. Bd.*.__„ aZj) 54.7 .. . —

Manned Bd.— 1513 16L0 -

PerenTPemton*”... 300.6 — ..... —

Property Bd.— 175.7 - 1845 +2.5 —

Recovery Fd- Bd.*_ 84.6 89.0 .... J -

Price on * April 4 ”Apra 5. --ntorch 30.

Merchant Investors Assurance*

Leon Hse, 233 High Sl, Croydon. ■ 01-6869171.

SSSKsrr: itn -

Ssp : M .=

Moopy Market 158.9 —

ft =

Deposit Pens._ 15L2 ..... —

Managed 1224 — -

Manaqed Prm. 163.9 —

jrdJ.Jtjuity 1D55 .... —

Do. Pens-.-- 11+4 — —

IntL Managed 1077 —

Po.Pens3 ^... 1103 —

NEL Pensions Ltd.

Milton Court, Onririho. Surrey. 5911

NriexEq.Cap.™ *»“ ' -

We lex Eq. Acoxn.

Netax Money Cap
Nelex Mon. ,

NelexGtb Inc Cap
Nelex Cell Inc Acc
NelMxd.Fd.Cao.

NelMid.Ftf.Acc.

Nelex Deposit Can

- -

NPl Pensions Management Ltd.

48 Gracechurch St. EC3P3HH. 01-6234200

“-■Wfirffc-JSW -

New Zealand ins. Co. (UK) Ltd.*

Maitland House. Southend SSI 2JS 0702 62955

M=j =

88 i|:fi =

Esrtra Inc. Dm- Fu — 108.6 114-3 +11 —

Amerlcaji Fd. 995 104.rt +0.a —

Far East Fd Ufl 112.8+0^ —

Gilt Edged Fd. D»3 njfl —4 -

Con. Deposit Fd [1005 105.N J —

Norwich Union Insurance Group*

POBm 4. Norwich MR13NG. 060322200

Bansar!!==» PtMl =

s-

Nor. Unit March 15

060322200
+0 3 —
+33 —
+o3 —

Equity Senes A —
fiyt* Pns. ri'DriO^rd Cap.
ei272 Pns. Managed Acc —

— Pm. e'lr+d. Cao.~

— Pns. G'teed. Act —

— Pens. Equity Cap

— Pe«. EquityAcc
— ' PnsJxd.lm.Cap

JblAcc

reus. rrfiO. Cap

13933 P« a - Prt >P- A “

_ Imperial Life Ass. Co. of Ca n ada

— Imperial House, Gcddford. 71255

= f6ruEafcffij«=J =

=1=

01-6288253
!l -1 5.00

Prep. Ud. March X.

Prep. Mod. GUl_

PqxMtfSthSrr.

King ft Shaxson Ud.

52 Core hill, EC3. 01-623 543 3

Langham Life Assur. Co. Ltd.

Langtam Hse, Holmbrook Dr, NW4. 01-203 5211
Harvest Pea. Fund _Q05.1 1106] — J —

LatwhiBi - A" Plan fT3_4 74.9 J —

oSoMmti 1517 159.n -

MfisptSP) Kan Fd 1 77.8 BLq — J —

Legal & General (Unit Assor.) Ltd,
Ktanwod House, Kjngswood, Tadworth.' Surrey

KT20 6EU. Btrgh Heath 5345b

CaatlMial VA„ 102l6j +UJ —

Do.Acan. 1DU 5573.... —

Eqaity Initial— 1472 1553 +L2 —

Do. Accum. 15.D 123 +L2 —

Fixed India). 137.4 lS^ -

Do. fleet— 1417 741 u _

IrtL Initial — 1013 iKg *03 —

n» A-nim 1P43 IC>9 § +0J —

easis!!==ai =

BSSS2=H '©1:8.11 =

Legal & farm! (UbASkwki Ud.

Cxerapt Cash Inft. — iKj 2to.g — —

Do. Accum. 105.7 flL3 — —

Extort Eqry. lea — 1H.4 3724 —

&^Tsr_l? ® ^

Exem^.irgd. '™Ll^7 —

Do. Acaim li43 ■ —

Legal & General Prop. Fd. Mgrs. Ltd.

7) Queen Vidorta St, ECM 4TP. 01*248 9673
LAG Pro-Fd. Mae. 8.199.7 JU -
N« aa. fir April L

Life Assur. Co. of Pe n nsyirania

8. New R±. Chatlum, KenL Medway S12348

LACO?Un>ls„_pflJJO MJOJ — \ —

01-749 9111

Reliance Mutual

Tunbridge Welts, Item. 0692 22271

Rei. Prog. Bds — | 2328 I f —

Rothschild Asset Management
Sl Swllhins Lane, London EC4. 01-6264356

N.C. Prep 1128.4 136.7d| J —

hen sub. pertod April 2/17.

Royal Insurance Group

New Hall Place. Urerpool. 051-227 4422

Royal Shield Fd ]lb4.7 17421 4 -

Save ft Prosper Group*

4, GlSl H elen's, Lndn.. EC3P3EP. 01-5548899

BaUrw.Fd J138.7 146.8 -03) -

Property Fd.* 26 9 J 17910 ...... —

G ' H 134.6 14L7] -05 —

Deposit Ftft 1295 S&fl —

Comn.Pens.Fd.T 250. g ...... —

StesV— H m** -

SS5Kfcj=®. MM -

isasa z

Nor. Unit March IS -J 2435 I -A —
Pearl Assurance (Unit Funds) Ltd.

252, H Holbom, WC1V 7EB. 01-4053441

Managed Fund 1127.9 134.3 —

BSS&r^l ffi ::::: =

Property Accum. ]234 2 14L3| 4 —

Phoenix Assurance Co. Ltd.

4-5 King William Sl, EC4P 4H R. 01-626 9676
WeatthAss. pZ^O ,12861 J —

Eb>;Ph:E^E.~~da83 £ 93.3 “-)] —

Prop. Equity ft Life A», Co.*

119 Crawford Street, W1H 2AS. 01-486 085

M HE

Prop. Equity ft Life A», Co.*

119 Crawford Street, W1H 2AS. 01-486 0857

m i=d=.

MSSScd M l:d =

Property Growth Assur. Co. Ltd.*

Leon House. Croydon CR91LU. 01-6600606

Property Fund—- — 2002 —

Property Fund (A) — gTj .... —

AgreaitteaJ Fimri — |6il —

Agiir. Fund (A) 8553 —

Aoxy NaL Fund BO —

Abbey NaLFd.(A)._ 1W.0 -

Inyeslmf+rtFund — 767 —

Investment Fd- (A) — Si .... —

Equity Fund .. . — — ZB.l *2i —

Eisnty Fund (A) . — ZwJ +2i —

Money Fund — - — — —

SSEBSS"— ='

g!5^ss F Fsi*T_ m * =

6a^ h=i|iAA*ui~ -

:::: =

Vlnv.Fd.UB. 1663 —

Perskm Fd. UlL 1«L2 —

Core. Pens. Fd...--- Ii92 —

Cmr. Pn5. Lap, Ul —

Man. Pens. Fa — _ 1652 .... —

Kao. Pens. Cap. Ul 14f5 .... —

Prop. PWs. Fo 156.4 —

Pn)p,Pens,C-5p.UB. p83 —

Sl d =

Providence Capitol life Ass, Co. Ltd.

30 Uxbridge Road, W128PC. M-749 9111

|| Hr

PelSon Fxfim K2 ZZ.‘. —

Deposit FC. Cac^_ 47,6 50^ — . —

Deposit Fd. Acc, 47.6 • 502 ._. —

tijorty Fd. car 5J-J S- J ■ —

4SafflTj=:B4 Md . -

tntrf.Acc.-.j. 434 451 ...... _

Managed Fd.Circ..— 543 512 —

Managed Fd. Ace. — §4.4 57.4 ..... —

Property Fd. Cap — §14 - 54.6 — __

Peers' Fd. Acc. — BLo 54.6j .../]

Provincial Life Assurance Co. Ltd.

222 Bishapspate. ECZ 01*2476533

Pror.Managed Fd — 033.4 1404 — —

Prov. Caai FC. 1093 115J .. —

Grit Fund Em2 146.0 +03 —

ffiEE® ilE

Prudential Peosions Limited*

Holbom Bars, EC1N2NH. 01-4059222

EouR. Fd, March 21 _ (£29.03 2J.« — | _

Fixed lnj.Maron21_(20.55 3231 _E[ —
Prop. Fa. MiftO £l«lCC+0 3123 MI J —

uzn +oa —

Per®. Ply. Acc

TrdL Boou^-,^ Mi-**.* -■-■■I ’

•Trdt.G.I. Bond 1 „99 2 —

-Cash wine for □00 premumf

TyndaB Assurance/Pensions*

18, Canynge Road, Bristol. nrm-x-nai

SKSSIcm"

Equrtv AprilS

fsasihs

(TSMS lmr.Awll5
y.lClrw.AflrilS
Depart AarilS-
Mn.Pn3-w Apr 2
E gutty Pen. April 2.

Bond Pen. April 2
Prop. Pen. April 2
Deposit Pen. April 2

Vanhwgh Ufe Assurance
41-43 Maddox SU Ldn.WlR9LA. 01-4994923
Managed Fd. Series 2D64.8 1733+D.3I —

Equity Fd. Senes 2 282.8 291.7 +13 —

hSl^Fund Sries 1 993 104.4 +02 -

Fixed W.Fd Series 2 1842 193-7 —

Prop. Fd. Series. 2 B7j 165.4 -

C^nFd. Senes 2 _U24 J 13L3l+0^ —

Vanbrugh Pensions Limited
41-43, Maddox SL. Ldn.. W1R 9U 01-4994923

Guaranteed see Mns. Base Rues' table.
Welfare Insurance Co. Lid-*

Wii&bde Parte. Exeter. 0392-52155

Moneymaker Fd., I 112.9 J J —

Fcr other fixds, pleas? (tier to Td« Londen &
WaneixKier Group.

Windsor Ufe Assur. Co. Ltd.

OFFSHORE AND m ,
OVERSEAS FUNDS #

Keyser ififmann Ltd.

25, Mlflt Street. EC2VBJE.

Fometa* — FrliM 1

Bowse let.-.. Mj5 71 ,12

Cent. Assets Cap ... ..1Q43.99144
King & Shaxson Mngrs.

Alexander Fund 5f y „^e. e

37. nir Nwre-Oarw. Luxrn4w*g. . M 8t Stre< ‘ 1 - E

lt i~i - SSSrr:;

... • .. "ri *wt wwe Aw« ■ Cent. Assets Cap

Alleii Harvey ft Boss Inv. Mgt. (C.I.l King & Stax:
1 Charing Cross. Sl Heller. Jsy.. C.l. M3J-ZF743. 1 Char mg Cross,

AH R Gilt Edg.Fd |E1222 12241-020] 1121 Valley Hse. Sl>

Arbuthnot Securities (C.IJ United '

P-0- Box Z8«, Sl Helm. Jersey." 0534 76077 J Thom» Street

Cap. To. (Jersey) 1124 1 M I — Gilt Fund (Jerser

Nen draung dale Apnllg- , ._ „ Gilt Trusill 0 it.

01-6067 MG
.-.1 230

2, Charing Cross, St. Helirr, Jersey.
Vaiify Hse v Sl Pel« Pori, Gnay.

GoxT Secs. Tst". **$25* 1^754] J 12.41

Eaa *lrti.T«4aj“.M in9 iW .- •] 354
Next dealing date Aoril 5.

[97+5 108.751

cTk nswrii &

m dealing date April

Next dealing date April 5.
Australian Selection Fund NV

I Thomas Street. Dougbu. f.Q.M- , (0624) 405

mzdM

Gill Fnd. Gufmsry|i02i lD.j] — .4 1L2
IBM. GovL Sees. Tsi.

Firy sterling 1£ 2039 20.73 .—.J —

First Inti U .|5USZ1M 320J4J J —

Klein wort SenSOn Limited

Market OpporiUHlies. CO Irish Young A Outhwaiie, 20. Fenctwrch Sl. EC3.
127 Kent Si, Sydney , Euriniest. Lu*. F. |

Schroder Life 6roup*

Enterprise House, Portsmouth. 0705 Z7733
EouHyl 264.6 . .... J —

:::: =
:::: =

Orrrseas 4 815 • 85.< —

K& I SGort.Sies.4_ [43.8 15L4 —

W m =’

Mngd. Pen. Cap. B — "

Mngd. Pen. Acc B._. 2895 3M.I —

F. I«. Phi. Cap. 3 lid? 1165 ..... — ■
F. (nL Pen. Aa. 6 1J4J %4 -

BSSjBS:S£B=:ffi M =

Rtt&kdl&i Ml -

Scottish Widows* Group ”

PO Box 902. Edinburgh EH16 5BU 031-655 6000
Irw.PIy.Srs.l Apr5_.IJ225 127 61 .... —

I». Ply. 5ers2 April 1_ 1155 IZUJ -

invesiGhAprii i_ lS3 mg —

Ex. Ut Acc. Mar. 21 . 16LQ 167, J . .... —

Ex. Ul Inc. MaOO- 152,5 WJ.fl ..... -

Pag.PercMar.30_...|3145 3145] —

Solar Ufe Assurance Limited

10.02, Ely Place. London, EC1N 6TT. 01-242 2905

Solar Managed S — J1405 147.91 +05] —

Sotar Property S 1215 12ji ...... —

Sotir Equity S 20L4 212J +L6 —

SolarFxd-fnLS 125.6 132J -Oj —

Solar CashS ffi-1 Ul -J ■■■■■ —

Solar InU.S 8919 455 -0J —

fefe-l M e

Solar Fxd-lnL P 1253 l|j.7 -0.1 —

So/arCashP 1W.6 1112 ...... —

Solar Inti. P 89.6 853 -0.1] —

Sun Alliance Fund MangmL Ltd.

Sim A/Nance House. Honlam. 0403 64141

-

Sun Alliance Linked Ufe Ins. lid.

Sun Alliance House, Horsham. ■ 0403 64141

Equity Flint ..j. (354.4 26251 +0^ —

FixedlrtereslFU 1192 1253 -0.11 —

Property Fund U240 130.61 .. # 3 —

Irtemauonal Fd ,fW5 94^ -O.fl —

Deposit Fund- [1013 IO6.T1 -9-0.11 —

Maraged Fund |U8.9 1252] -O.l] _

Sun Life of Canada (UK) Ltd.

2. 3, 4, Cockspar Sl, SW1Y 5BH 01-930 5400

Maple Lf.Grth... {2375 - j -25| -

Maple Lf. Mangd. — | J525 j J —

Maple Lf. Enty gO . ..J -

Perenl. Pn. Fo..„ J .239.4 ! 1 +i3 —

P+ro. Man. Cap &W-4 11451+0^ —

Pens. Kan. Act. [1097 115.4] +lij —

Target Life Assurance Co. Ltd.

Tagt Hone. Gatehouse ^Af^ ]$M]

Mao. Fund Inc- _.U07.4 U3.U -l.M -

Man. Rind Act. mi j39.| -L4 —

Prop. Fd. Inc 1195 _“>,® —

Prep. Fd. Acc 16L0 .... —

RrS ui FdTtac"" 115.9 ZZ —

=

&%Sa5£-B& -

M - z

cm Pen JO. Cap 743.7 15L3 —

Prop- Pmt-FJ Arc. 174.5 lSfD —

PrOp.Pen.Fd.Cap. — 170.4 179.g —

Guar. Pen-FiLAtC 1DL3 106« — .

Guar.Pen.Fd.Cap. 992 104.4| —

D.A.PenFd-AccT 1010 l56J —

D.A.Pen/d.Cap 1993 10451 —

Transiuteraational Life Ins. Co. Ltd.

2 Bream Birigs, EC4 INV. 01^05 6497

•Tulip Irrwest. Fd 11666 175.4J ... .J —

M - ■

Man. Pen. Fd. Cap. „ 14 16 —

Man. Pen. Fd. Acc — 1532 1613 —

•Mngd. Im>. Fd. InL- 1OT.9 115^ —

•Mngri. Inv. Fd. ACC-1112-6 1185) -...] —

Trident Life Assurance Co. Ltd.*

Rens/arie House, Gloucester. 0452 36541

BS.=8K 1 =] E

893 +ad —

-

Royal Albert Hse, Sheet St, Wiodsor 68144

Lite Inv. Plans .-..—.[792 .33.4] —

FjttireAisd.GwiTa}— 185 _.... —

Future Aisd.Gtmbl- - 46.00 . —

KeL Assd. Pens 126,46 —

Flex. Im. Growth |105.1 110.6 —

U SSI Shares 1 SUS1.43 J.—J -

Nel asset value Novembrr 24-

Bank of America Internationa 1 SA.

35 Boulevard Royal. Lutembowg C D.

Wltfinveg I name _.JSuSmJ9 113271 .....J 8.17
Rues XI April 4. Neirt day Apnl IL
Bang tie Bruxelles Lambert
2, Rue De la Regence B 1000 Brussels

R ema Fund LF 11935 1,995] -A M2

Barbican Managers (Jersey) Ltd.

P.O. Box 63. SL tuner. Jersey 0534 74806
Barb, InL Fund 1918 967J +2^ 3J»

Barclays Unicorn InL fCIt Is.) Ltd
1, Charing Cross, St. Heller, Jsy. 0534 73741

Overseas Income — 148.6 _ .5121 4 11{5

lampjrdWiflld &

01-623 8000
.....J 437

Overseas Income —

Unidol Mr Trust

Untbond Trust

Barclays Unicom InL (l.oJMan)

1 Thomas SL, Douglas, I^.M. 06244856

Unicore AusL ExL MS. 6 49-Oj -4-5j 1®

Do. Ausl Min. 32.6 ||4| +0 -rt 1 - TO

Do. Grtr. Pacific. LTD.? 743 — J

Do. Inti. Income [38.9 41- M 4 .84

Eurinvest. Lu*. F. _,1096 — 437

H " SHffifcrzW ffl 3

s-a-

fin I IL LbTlTs Gwlh. Fd. .. USS1324 -... 1|1

SffUfEfcr sSlrts 1"

OA , Lloyds Bk. (C.I.) urr Mgrs.

-A «« p.o. Box 195. SL Helher, Jersey. 053427561
d. UoydsTsL O' seas |562 592x4 ....4 162

yri- - ,j2 “

Ltd Lloyds Bank International, Geneva,

053473741 p.o. Box 438, 1211 Geneve 11 (Switzerland) .

::]9S BSSiaasSrJESaSiflrd i3

■■—4 475 Management International Ltd.

. ' Bank of Semuda Building, Bermida

) Cbwy March 30. ISJSZ39.U 1+8.941 —

06244856 M ft G Group

L80 Three Quays, Tower Hill EC3R 6B0. 01-6264588

*5 tSXSicdm IS! ::rl =

-2d. Samuel Montagu Ldn. Agents

0624-23911 114. OU Broad SL, EC2
J - Aoolta Fed. March 281SF4J 25 48.051

8&Eft0b=a; se^^!R3*iS!

Do. Manx Mutual . — 1275 2C9 -—4 LTD Um £) ptJ X Z2

Bishops gate Commodity Ser. Lid. Samuel Montagu Ldn. Agei

P.O. Box 42, Douglas, l.o.M. 0624-23911 114. OU Broad SL, EC2.

ARMAC -March 5_..BUS40J4 42571 J - Apollo Fed. March 28 SF44 25 48

CANRHO** March? -pJ29 i«igj 4 — Jartest Mirclt 31 . ... HBUjl 14

COUNT— March 5.-^31124 vl3| .... J 158 117 GrtH4» March 21 . HJnTl! 12

Orlgbally issued u -SWand —CL Next val. April 2. 117Jersry March 21 £524 5

Rrlrina M-lnnnninr n+ I tri 117 Xy.O 3 RAatJi2B.a07 9

wSRwr ‘5 -
BSB&nb » *#*=&&&

Britannia Tst. Mngmt. (C.IJ Lid. Nat. Westminster Jersey P

308aUiSL.5LHe«er, Jersey. 053473114 AS u Metre St, Sl Heller, Jen

Storing Denominated Fds. High Inranie Fund_...|50 6 |

— ** 1

ftehllf '~'Wh 7 100 10a Boulevard Royal, Luxemboui

m navm^bo — i susizjj

8T3] - Bank of BeAruda BUgs^ Hamilt

1 rrUH I .S^fSr: J ” Lwl ....J 9J» NAV March 30 | £5.22

VhNe Moxh 30. Next dealing April 9. Pacific Basin Fund
Brown Shipley Tst. Co. (Jersey) Ltd. 10a Boulevard Royal, Luxentioui

P.O. Box 583, SL Heller, Jersey. • 053474777 NAV April 4.^ [ USS9.93

SUg-Bd-FdJii) Ap.4 _|L10.61 10.664 1 1150 Phoenix International

Butterfield Management Co. Ltd. ro Box 77. St. Peter pm. gw

PD. Box 195, Hanuhon Brnnuria. Inter-Dollar Fund IUSC.40 *

Buttress Equity IS»iS245 234/ J 1.72 Quest Fund Mngmnt. (Jers

Bottress Income ;... IQJSL05 2.121 ..^J 828 PO Box 194, Sl Heller, Jersey.
Prices a March li Next sub. day Apnl 9. q^.,, cm. c, fl im 194 2 *

F "»a.”6T“ o'

Capital International SJL ^ L ™« ** *•"**•*

37 roe Notre-Oame. Luxembourg. Richmond Ufe Ass. Ltd.

01-588 6464.

J 2.90

.....J O.M

A J?5est Mirclt 31 i SSI

158 llJGrmx) March 21 .[BJSlTlB 12231 .—.J 23|

val. April 2. 117 Jeraw March 21 Kp4 57U 1 073-

117 Jsy. 0% March 28.KA77 92S ...J —

. . Murray, Johnstone (Inv. Adviser;

” l 163, Hope Sl, Glasgow. C2. 041-221 5521.

nu i=j =

Z7 * NAV March 31

“■ Nat. Westminster Jersey Fd. Mgrs. Ltd.

053477114 45 u Mglu SL/ Sl HeUrr Jeney 0534 36241

ZJJ an id =

Voo 10a Boulevard Royal, Luxembourg

.'C 1L8 NAV March 30 I SUS12J1 — J -

4 Negit Ltd.

633] I — Bank of Benruda Bldgs v Hamilton, Brmda.

Lwl — .J 9J» NAV March 30 [ 15.22 | — \ —

301 9. Pacific Basin Fund

If) Ltd. 10a Boulevard Royal, Luxentiourg.

053474777 NAVApriM... ] USS9.93 f — J —

Capital InL Fund- I 5US1B52 J J -

For Central Assets Mngt. Lid see under
Keyser Ullman Ltd.

Charterhouse Japhet
1 Paternoster Row. EC4 • 01-248 39

Adjropa^.— _... ttU^M ^H+WO 4.j

— Hfcp^.^::::::::jaM3.4i 4i.&q .'.■“'i S

— CBve Investments (Jersey) Ltd.

.01-2483999

X+OJOf 4.84

PO Box 77. Sl. Peter Port, Guernsey

Inter-Dollar Fund.. IUSS2.40 259|-0D1| —

Quest Fund Mngmnt. (Jersey) Ud.

PO Box 194, Sl Heller, Jersey. 0534 27441

Prices at April 4. Next dexhng Apra 11.
Richmond Ufe Ass. Ltd.

48. Athol Street, Douglas, I .O.M. 0624 23914

toThe Silver Trust —(1341 137 J] *0.9| —

Richmond Gd.Bri .1127.5 134.71 >13 —

Do. Platinum Bd_.._Di0.8 179.3 +*-?] —

Do. Platinum Bd l

him il59

'CarrillonC.G.l.Bd. . m.O lOLN ....J —
'Price on March 12. Next deaSng April IL
Rothschild Asset Management (C.l.)

P.O. Box 58. 5 l Julians CL, Guernsey. 048126331

teKtaKfeM. «g .d m.

OCSmCo IJrtiSD-I l?|o J2 MM ^

P.O. Box 320, St. Heller. Jeney 0534 37361 o.C. Com mostly fj|7.i

Bsffifc&bltfa M.-1U

CornhBI Ins. (Guernsey) Ltd. tPru ^ 2n March 21. Nwt ifiaUng^wii"

P.0. Box 157, SL Peter Port, Guernsey -Daily Dealings.

Intm. Man. Fd.._ [177.0 1925) .... I — Rothschild Asset Mgt (Bermuda)

DWS Deutsche Ges. F. Wertpapiersp P.O. Box 664, Bk. of Bermuda Bid, Ben
Gnwbwgweg (13. Frankfurt

ISSST Group »«»"' ‘C.U Fd. Mgt Ltd.

P.0. Box 3012. Nassau, Bahamas ?’ R ° ! ' al ^sso ai ^MOll ° 53 1

Delta Im. April 3 — I5US2JB 2J5|*0J13l - 21 &Fd"'lm ^ J

Deutscher Investment-Trust ' Rii i ’w i. rieal.ro Ao.il it

Poafach 268S Biebergasse 6-10 6000 Frankfurt gave ft Prosper Internationa]

f«?^rn7oreis'"r.1wSa 655o| ! -j — p'a'So* 73, Sl Heller. Jersey 0534

Dreyfus Intercontinental Inv. Fd. U _s. DoUv-denomioated Funds

P.O. Box N371Z Nassau. Bahamas. Dit. Fxd. InL S ?2 g-Jff

NAV April 3. PUSlfltt 19541-0121 - {jM- f'CT * — iHr

Emson ft Dudley TsL Mgt Jrsy. Ud. 4# ”i| "

P.O. Box 73. SL Hell er, Jerse y. 0534 73433 SnyaJ- , -|15 02 1644

E.D.I.C.T. J1353 “(43^ J 3D0 sterita^rienoounted Funds

ss&tssr-Ea sra-y IIBsfefi m*»

•Next deaSng Apnl IL "Next deafiro Aprrf 30. -Prices on April T -April 4. —April

Eurobond Holdings N.V. —March 29 fteeUy drrfros. fftufy de,

Handelskade 24, Wiftemstad. Curacao ScMesinger Internationa] Mngt U

&# 1

—Daily Deaimgs,

Rothschild Asset Mgt (Bermuda)

P.O. Box 664 Bk. of Bermuda Bid, Bermuda ’
Reserve Assets Fd.W5S?78 9.951-1102! —

Pnces on Apnl 4. Next deahng Aonl UL
Royal Trust (C.l.) Fd. Mgt Lid.

P.O. Box 194, Roval Tsi. Hse, Jersey. 0534 27441

R.T. Int-I. Ffl.„....' IUSS9.41 10,01] 350

UT. Inti. (Jsy.) Fd .1795 85 H ... 321

Pnces it April 3. Next dealing rekil 10.

Dealing In

P.0. Box 73, EL Heller, Jersey
U5. DoUar-denomiBated Funds.

Dlt. Fxd. InL**S 9.02 9.

imertai. Gr.”*-J ..... i>3, 8

Far Eastem**_._... 4>86 49.

North American*L...W 05 4

Channel Islands* .... £

•Prices on April 2 -April 4. —April 5.
—March 29 fttfeeUy draings. fftsfy dea6ngL
ScMesinger Intematlonat Mngt Ltd.

4L La Mode Sl, Sl Helier. Jersey. 0534 7358B

London Agents: Intel. 15 Christopher st, EC2. 41, La Motte Sl, Sl Helier, Jersey. 0534 73a8B
2905 TeL BWW T^Mff SAI.I |T7 0 81 D|*lfl-8«

— Price per share March 30. USS2L45 (+0^5). SAO.I 0.92 OTO-OOU 4M

- F. ft C. MgniL Ltd. inv. Advisers MFi~ £|5 ,23 3 .... J Ui§

1-2 Laurence Pountney Hill, EC4R OBA
01-623 4680

Cent. Fd. March 22. J SUS5.98 | ... ] —
Fidelity Mgmt ft Res. (Bda.) Ltd.

P.O. Box 670, Hamilton. Bermuda

Fidelity ^rar^av.TsL +M& 93

Fidelity InL FuW SUSS51 —

Frtbty P W% FilTJ luSW.^l 1*007 —
Fidelity Mgmt Research (Jersey) Ltd ,

I nil. Fd. Jersey... — J102.0 107 JM

Intel. Fd Lxmbrg &L31 91l

•Far East Fund ]W . , 981

*Nm sub. 1 by April 4.

Schroder Life Group
Enterprise House, PortsmoudL

10231

U 88l *w»— H b ffij

BS«r===ffi Pi?

— I Watertoo Hse, Don SL, Sl Helier, Jersey. 0534 SManaged

27561 , _ „ , , J. Henry Schroder Wagg ft Co. Ltd

l£riSliKSi?rt~‘^i , «g i ] 3 120, Ctwapside, EC2. 01-588

First Viking Commodity Trusts Ja^AMfcwfflni l«a

10-12 SL George’s SL, Douglas, lofA. 0624 25015 DariingFj. March 29 AS2JM £ 3#

FsL Vik- Cm. TsL — {43 0 4531 . ... \ 330 JapanFd. March 22 ..1WS7.91 M . ■ ■

Fsi.vk-DMXM.Tst ~P82 402] ....4 — Sentry Assurance International Ltd.

Fleming Japan Fund SJL P.O. Box 1776, Hamilton 5, Bermuda.

J. Henry Schroder Wagg ft Co. Ltd.

120, Cheamide, EC2. 01-588 4000

Cheat'S Aonl 4 I USSI356 1-0.081 234

Iratamr Frfi. 28. I -

Aiian?a.Ai)ril2-™.[SIJal4M 19.63] 1 2.80

DarUnoFJ. March 29 AS2JW 21il 5J0

Fleming Japan Fund SJL
37, roe Notre- Dame. Luxembourg

Fleming April 3 .| SUS54.78 | —

Free World Fund Ltd.

8utterfield Bldg v Hamilton, Bermuda.

NAV March 30 J SUS2D2.15 | 4 —

G.T. Management LU.

EK

London Age ms fori
Anchor 'B llnris.

Anchor G/)l Er^e
Anchor InL Fd
Anchor In- Jw
Berry PacFd.

Berry PacSlrig
G.T. AsiaFo ...

C.T. Asia Sierii

fl

G.T. Dir. (Strlg.) Fdk?M . 938 ...J —

C.T. Pacific FS JTffeSU 68 — ' J 0.3

G. T. Philippine F(L~|SU$9.B8 10.64] 4 —

Gartmore Invest. Ltd. Ldn- Agts.

2. Sl Mary Axe, London, EC3. 01-283 3531

1503 Hulchhan Hie,

HK&Pk. U.T5!

Japan Fd —

N. American Tst.

IrrU. Bond Fund.

Managed Fund [ISSUBn lZ3tA{ . 4 —

Singer ft Friedlander Ldn. Agents.

20. Cannon SL, EC4. 01-248 9646

DeLafonds. „._.IDM2J46 25J01 .. J 632

Tokyo Trust April 2...] SUS36.50 | ... 4 239
■ Stronghold Management Limited
P.O. Bar 315, St. Helier, Jersey. 0534-71460

Commodity Trust 18957 9429|-7JK] —

Surinvest (Jersey) Ltd. Ut

Queens Hse, Don Rd . St. Helier, Jsy. 0534 27349

American IncLTo. „,.l£6 48 ,6 6B + 031I —

CopperTrost — K5.74 163a+Di« —

Jap. IndesTsL. £857 8.76] J —

TSB Unit Trust Managers (CJ.) Ltd.
Bagatelle Rd, SL Sanour, Jersey. 0534 73494

T!ife r fSs#.( It? :

Prices on April 4. Next tab. day April Jl.
TSB Gilt Fund Managers- (C.l.) LU.
Bagatelle Rd, 5L Saviour. Jersey. 0534 73494

mt isss

Prices on AorH 4. Nrrt a*, day April IL
Tokyo Pacific Holding N.V. -
I mi mis Management Co. N.V, Curacao.

NAV per share March 26. BUS6443.
Tokyo Pacific Hidgs. (Seaboard) N.V.
1munts Management Co. N.V.. Curacab

NAV per stare March 26. 511546.95.
Tyndall Group

P.O. Box 1256 Hamiltai 5, Bermuda. 2-2760'

Hamfaro Pacific Fund MgmL Ltd.
2110, CocnaugM Centre, Hong Ktxrj

SRMSariHV^rH

Harnbros Fd. Mgrs. (C.l.) Ltd.

Overseas Aprrf 4 KUS1 16

[Accum. Umts)...._~|sisiM
3-Way Im. March 22.|Sus£|U
2NewSL,SLHeRtr, Jerse*
mrci &n,ii ^ irr yx

j P.O. Box 86, Guernsey.

1 Canital Reserve Fdt-[Q
CXFund Jl]

0481-26521

J 037

1 3.70

CXFund 1764) 18111 3.J

W.Bcwd JUS 1D2 40 1D553 85

1:: "
InL S^s. ‘B* SUSU8 E M . ...1 -

Pncrs on April Nexl BeaUng Apnl lL
tExAdes hutial charge fin small orders.
Hinders on Baring Fund Mgrs. Ltd.

605, Gammon House, Hong Kong.

=

Bond Fd.- March 29. 1 10651 | . .J —

-txduuve of any prelim ctarges.
HiH-Samuel ft Co. (Guernsey) Ltd.
B.LeFebvre SL, SL Peier Port. Guernsey, C.l.

0534 37331/3

m 1 ?

Guernsey Tst H763' 188.4] +3.4] 335 fg^—\

American April 5
(Accum shares*

Far East Apnl
Accun. snares
Jersey Fd. Apn
(Non-J. Acc. UlS.)

Dili Fund April 4 — .1 j 1£2 i ijg au «v

(Acam. Stares) ..—[1580 . 160.8] +34 -
Vrctory House, Dmgta. life «f M«. 0624 24UL
Managed March 22. JM7 2 155. Of . J —

UniRfe Assurance (Overseas) Ltd.

P.O. Box 1388, Hamilton 5-31, Bermuda
Irteml. Mngd. Fd — /UGSG.99 - ] . I —
Union-Investment-Gesellschaft mbH
Pwtfach 16767, D 6000 Frankfurt 16.

Onifonds DU3720 18.10] J —

Unirema DU3823 3J50 ... j —

Uirispeciail _... Dutld gfllq-oaffl -

+oij "

+ -§l =

01-4994923

Hill Samuel Invest Mgmt. IntnL
P.0. Box 63, Jersey. 053427381

HS Channel Is. F. [137.4 147 JJ ...| 285

Box 2622, Bern, SwrtwUrd. Tftei S425

c.s.FF^toi”"l|^L54 km : —
•CroSttaw. Fd. (Acc.hSF3.91 3.9* .... —

.ITFFtf.fAa.) 355933 927] -

N.V. Interbeheer
P.0. Box 526, Delft, Holland

Esmeralda la. Pr.DFl}DFl47e - | i -

International Pacific Inv. Mgmt. Ltd.
P.0. Bax «237, 56. fttt Sl, Sydney. Ahsl
J aveon Eguay TSL _ 1SA2.42 254|...| —

J.E.T. Managers (Jersey) Lid.

Pi). Box 98, Channel House, Jersey. 0534 73673
Jersey E*trnl.TsL. -1163.0 17«! A -

As SI Feb. 28. Ken sob day Lurch 30.
Jardine Fleming ft Co. Ltd.

46th Flow, Connaught Centre, Hong Kcr^

Jardme Estn. Tu HIM0534 . I 2^

Jardine Jtafe.* — H S39D81 . D«

jarouie SE.A. SU51T15 { 230

JardiwFJem.ini... _ H 1012.40 —

Int! Fta. Secs. (Inc.)— .... -

Utd. IntnL Mngmnt (C.l.) LU.

34, Mukaster Street. SL Helrer. Jersey

U.I.B. Fund ICTS331 104.841 .[ 757

United States Tst. IntL Adv. Co.

14, Rue Atari nger, Unembourg.

U.S. Tsi. Inv, Fund—I 1)551120 |+g0o| 0.29
Nel asms April 3.

S. G. Warburg ft Co. Ltd.

30, Gresham Street. EC2. 01-600 4555

” - I — I - Cnv. Bd. April 4 5US9M 1-flOfl --

Inv. Mgmt. Ltd. fra iiftXrt*- ... SU|2,K I -

Siting. Ahsl 10 55^^13 6g*3£l]oJ2i;

MercUnyMllApr.2_IOO.61 1063 -1 —

Warburg invest. Mngt Jrsy. Ltd.

1. Charing Cross, Sl. Helier, Jsy.Cl 0534 7574 1

CKF Ltd March 29 ..(1*513.75 143® I 2AO

Do. (Accum.;

WAV Ltardi 14. 'Ecjnrferc US58S ■
Nexl sub. day March 3D,

World Wide Growth Managements
10a. Boulevard Royal, LuxenUJrg
Wcrioaide 5:h Ftfl SUS16.99 ]-3K| --
Wren Commodity Trust
10 SL Gecige'i Sl, Dqutu* lo*J 062-= 25015

l‘.Ven Contmod. T>r. -13039 103^ . • ] —

exgrmn except
z Previppj aay’!

p rpnccic pr erraioi irr.^r jra? i 3iTjc1.rofli1um1iA.7raM s

*pt agent's commission. » Odered trite includes all expenses if bough*, "hrougn manager,
lay’s ante. * Net «! ax e+ -eaiire: csptai gmns. uider-s inditited by 6 1 Guernsey grots.
Mere Jersey a». t Ex-sabc-viticn. H Only artriabie ic CtanUClf socres.

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i tff M
3.6128
9.0 «
f7.9 -

18.7 —

—

55 7J0 ns

4.7 6 230
4.7 A 130

301 S 6.8 340

i3 13 M£ *63 lil

lAkari Aliommum.

Wien (EJ Balfour] 56

17D
91
75
288
44
105

no

■ 89
72
130
108
80
380
200
135
102
175
24M20I
5r 44

Unless otherwise In d ica ted . prices and net dividends are in pence
and de no nioitto ns are 25s. Estimated price/earnlngs ratios and
cavers are based an latest mnai rnmiis »d acceucts end, where
possible, an updated on haH-yeariy figures. P/Es are calc dated on •
W basis of net dfstribirttaa; bracketed figures indicate 10 per
cent, nr more difference if calculated on *W dMritaition. Covers
are based an "maunum" distribution. Yields are based on middle
prices, are grass, adjusted to ACT at 33 per cent, and allow tor
value of declared distributions and rights. Securities with
denominations other than sterling are quoted inclusive of the
Investment dollar premium.

A Sterling denominated securities which include investment dollar
premium.

» "Tap" 1 Stock.

* Highs and Lows marked thus hare been adjusted to allow for rights
teres tar cash.

t Interim since Increased or resumed,
t Interim since reduced, passed or deferred,
ft Tax-free to non-residents on application.

* Figures or report awaited,
ft Unlisted security.

d Price at lime of suspension.

5 Instated dhhdend after penSng scrip and/or rights issue: cover
relates to previous dhridends or forecasts.

♦ Merger bid or reorganisation tn progress.

A Not comparable.

A Same Interim: reduced final and/or reduced earnings indicated.

# Forecast dividend; cover on earnings updated by latest interim
statement

t Cover afore tar conversion of shares no! now ranking for dividends
or ratdcmg only for restricted divtdeni
£ Cover does not allow tar shares which may also rank for dividend at
a fobav date. No PIE ratio usually provided.

If Excluding a Ikal Addend declaration.
f Regional price.

H No par value.

a Tax free, b Figures based on prospectus or otter official
estimate, c Cents, d Dividend rate paid or payable on part cf
capital; cover based on t&vhfend on full capital, e Redemption yield,
f Flat yteW. g Assumed tiridrod and yield, b Assumed dividend and
yield after scrip Issue, j Payment from capital sources, k Kenya,
tn Interim higher than previous total, n Rights issue jwndmq.
q Eamimp tosed on preliminary figures, s Dividend and yield exclude
a special payment t Indicated Addend: cover relates to previous
dividend, P/E ratio based on latest annual •arwngs. u Forecast
Addend: cover based on previous year's earrings, v Tax free up to
30p lo the £. vr Yield allows tar cure-cy clause y Dividend and yield
based Ml merger lerrre. a Dividend and yield mdudr a special payment:
Cover does not apply to special payment. A Net dividend and yield. B
Pre f eren c e dividend passed or defermLC Canadian. E Minimum
tender price. F Dividend aid yield based on prospectus or other official
estimates tar 1979-BO. t Assumed dividend and yield after pending
scrip Pnd/or rights issue. H Dividend and yield bared on prtrcpectus or
other official estimates for 1978-79. K Figures based on prosoeaus
or other official estimate* for 1978. M Dividend and yield based on
prospectus or Other official estimates for 197B. N Dividend and yield
based on prospectus or other official estimates fer 1979.P Figures
based on prospectus or other official estimates lor 1978-79. 0 Grosa. T
Figures assumed. Z Dhddend total lo date, {f Yield based on
assumption Treasury Bill Rate stay uncte/igar until iralurity of slock.

Abbreviations: si ex dhddend; zc ex scrip issue; xr ex rights; xa ex all;
jS ex capital distribution.

“ Recent Issues ” and “ Rights ” Page 32

TMs service is ataSabfe to every Company deal? in cat Stock
Exctsmges throughout the United Kingdom for a fee of £400
per annum for each security

4.1
6.4
7J)

6 h
7 h

6.4
8.0

fj OPTIONS

|| 3-month Call Rates

8.7 Industrials j£.l 21

23 A. Brew, . 7 9

§■§ BOCInfl. 6 l.C.I 41

S3 B.S.R. 8 Invereslt 7

9.9 Babcock 14 KCA 4

± Barclays Bank— 32 Ladbroke.,.. If

5.4 Beecham 52 Legal AGen. — 1'

Industrials l.C.I... 2D Unilever

A. Brew,.. , 7 “lims" — 9 U.D.T.,

BOCInfl. 6 l.C.I 40 UlttOrzaery

B. S.R. 8 Invert* 7 Wcters

Babcock 24 KCa 4 Wooliwrtrj

Barclays Bank— 32 LadbroVe 18

Beecham 52 Legal A Gen. 14 Prtperty

7 oj Blue Circle — 18 Lee Smite 9 a riL i aru j

(S B«« — ■ “ Lloyds Bant...-, 25

qq Bowsers. 18 “Loft" 5 —

2i BJLT. 28 London Brick— .. 7 —

65 Sro*nt/.f M Lonrte 9 5ES* m ~

Burton ‘A* 22 Lucas lift fc . ....... 25 me pr

Catoir/s „„ 5 “Mams" 18 {Kgr

CourtauHs 10 6W.s.ASpncr„ 9

Debentam B MMand Bark... 30 fKc*

» Dttiflen 21 N.E.l 14

tX, Dunlop Vj Nat, West Bank. 23 Difc

Eagle Star 1 tf Do. Warrants... 15 .

E M.I. ... 14 PAODfd. 8 Brit Prbp.KJT!,

« Gen. Accident-.. 21 PfeSsey....- - 10 Burras Oii

4-f Gen. Electn:.—. 32 BH.H 5 Omtsst-....

33 rj». ? 53 fcm Org. 25 EhtU

Grand Met, 12 Reed mini 16 'Jltrurjr

G.U.S ‘A' 30 Stxileis 5 m ... _

_____ 24 T«;o -, T . T11 , 6 M,nw

G.K.N 24 Thoro 22 CfaricrCd':,....

18 "toft"...... 5

28 London Brick—. 7

50 Loirtu.—, . 9 ,

22 Lucas In*. 25 ;

5 -Mams" 18

Town AC::y |

6* u; n«

G.K.N .] 24 jThora...™.., 22 Cfar.or Cars. _ J

Hairier Sea .„[ 22 (Jrotf Houses,.. 27 c ors. Sctf..
House of Fraser 15 ITube Invest..,— 30 RaT.Zirs—,,

A selection of Options traded is giver, on L-e
Larder. Steen E) change F.epcn jjje

Tl*3H ( tO TORIES URGED TO SEEK DECISIVE MAJORITY

complete Thatcher sounds battle cry

nuclear by ™' ue rawstorne

MRS. MARGARET Thatcher choice was between a great and Law and order would he meat Office and mej

voctorrijav lirnpri fho r.nncnrvn. free nrtimtrv at a furthar ranvP lwtnrpd as a fact and as a CO II- PnCC CommiSSKJH,

plants 9

Bjr Andrew Whitley in Tehran

IRAN IS to complete all four
nuclear power plants now under
construction, Mr. AmirEntezam,
the Government spokesman,
said yesterday. His statement
runs contrary to earlier official
indications that two French
plants at an early stage of con-
struction would be cancelled.

French diplomats were sur-
prised by the news, which con-
cerns their biggest project in
Iran, with an estimated final
value of £l.2bn. Although the
contract, with a consortium led
by Framatome, had not been
officially cancelled, site work
has been run down to a very
low level.

No confirmation of Mr.
Entezara’s comments, made at
one of his regular, wide-ranging
press conferences, was available
here yesterday, and observers
were inclined to be cautious in
drawing firm conclusions. If
correct, it will be the first
reversal in the trend of cutting
almost all the Shah's grandoise
schemes.

There was a major reassess-
ment last autumn of the highly
ambitious nuclear energy pro-
gramme. which would have in-
volved the setting up of over 20
noc-lear newer stations in the
neri decade.

Instead Tran decided to con-
centrate on much cheaper gas-
fuelled power stations, utilising
the country's plentiful gas re-
serves.

Successive cuts in the' pro-
gramme had. by February, left
only two nuclear plants, being
built by Kraftwprkunion of West
Germany. *s likely to be com-
pleted. Progress, even on these
two. has suffered from severe
financial problems because of
the stopping of progress pay-
ments bv the Government. Sited
at Bushire on the Gulf they are
at an advanced stage of comple-
tion.

France’s two 900 MW units
are being built on the banks of
the Karun river in southwest
Iran. The contracts were signed
in October 1977 and they are
due for completion in 1983 and
1894 respectively.

Mr. Entezam also yesterday
repeated earlier Government
statements that- Iran was in-
terested in purchasing agricul-
tural goods and machinery in
place of the arms ordered from
Western suppliers. Britain, the
U.S.. Holland and West Ger-
many were named.

Approaches for more agricul-
tural equipment are said to
have been made in general
terms, to |t least, one major
anns-supplying country, but it
is not clear whether a direct
link was being made with the
cancelled weapons.

The government confirmed
that contracts with Britain for
more than 1,200 chieftain tanks
are to be cancelled, along with
seven AWAC radar aircraft
ordered from the U.S. Other
cancellations are also being
made across the board,

Iran adopts new code for trials,
Page 4

BY PHILIP RAWSTORNE

MRS. MARGARET Thatcher
yesterday urged the Conserva-
tives into the General Election
campaign, calling on the party
to win a decisive majority for
change.

In a rallying speech to 400
candidates at the Central Hall,
London, the Tory leader said
the party wanted “the biggest
mandate to do the things we
have to do."

Mrs. Thatched said the party
was entering the fight with
morale high, and exhorted the
Conservative candidates not to
be afraid of change.

“Don't duck it. Zt is time
for change.”

Referring to Mr. James Cal-
laghan's charge that the Tories
would " tear up the roots of the
country,” Mrs. Thatcher said:
“ We are the party of roots."

It was Labour who had torn
up the spirit of enterprise, she
said.

Mrs. Thatcher said that this
would he the most crucial elec-
tion the party had fought The

choice was between a great and
free country or a further move
towards a Socialist state.

“We can either go on as we
are or change: we can either
carry on with an inflation record
that is the worst In modern
times, carry on with record un-
employment and a declining
Britain or restore freedom and
enterprise."

Mrs. Thatcher said that the
Conservatives would make only
one main promise during the
campaign — to cut the rate of
income tax at all levels.

“It is paramount in our
strategy," she said. “ It is sus-
tainable but it limits other
promises.”

The power and responsibility
of the trade unions would be a
major theme of the contest, she
said. *

“We are on the side of the
moderate members of the trade
unions. We are not on the side
of those trade union members
who would ride roughshod over
other members of society.”

Law and order would be
restored as a fact and as a con-
cept “ We can at least see there
are enough policemen and that
they are paid well.”

Mrs. Thatcher, to a standing
ovation, concluded: “You can-

More election news. Page 10
Men & Matters, Page IS
Politics Today, Page 19

not have a free society without
a free enterprise economy.
Socialists do not believe in a
free enterprise economy . . -
they exalt the State and belittle
the individual.”

Among other preparations for
the election, it was announced
yesterday that Mrs. Thatcher
had appointed Professor
Douglas C. Hague, deputy
director of the Manchester
Business School, as her personal
economic adviser during the
campaign.

A former consultant to the
National Economic Develop-

ment Office and member of the
Price Commission, Professor
Hague said he would be advis-
ing the Tory -leader on eco-
nomic developments during the
campaign and writing some of
her speeches. . .

On the Labour side,- yester-
day, the Cabinet met for its
last full and formal session at
Downing Street All. 25 Cabinet
Ministers - and Mr. Michael
Cocks the Government Chief
Whip, attended the 90-mioute
meeting.

The Labour Party's manifesto
drafting committee met again
yesterday to prepare for today’s
full meeting between the Cab-
inet and the National Executive
Committee which will approve
the final version for publication
this weekend

Mr. Roy Hattersley, the Prices
Secretary, said in Ilford, Essex,
last night that he bad no doubt
that a promise to extend and
strengthen statutory price con-
trols would be included in the
manifesto.

Weather

UK TODAY

BRIGHT intervals becoming
cloudy with rain, sleet or snow
nn high ground. Generally cold.
Max. 9C (4SF).

London, Midlands,

Cent N. England, N. Wales,
W. Scotland

Bright intervals, becoming
cloudy with rain. Sleet on high
ground.

Rest of Scotland, • -
EL, N.E. England

Rain with sleet or snow on
hills.

Ulster, S.W. Cent. S. England.
’ S. Wales

Scattered showers, wintry on
high ground.

• OUTLOOK: Cloudy
WORLDWIDE

Y'dfly Y'doy

mfrfdsv middRv

"C *F *C *F

Ajaccio F 11 52 Lisbon F 14 57

Algiers F 19 66 Locarno C 10 50

Am 5dm. C 5 41 London C 8 46

Athens F 18 W Luxmbg. C 4 39

Bahrain S 29 84 Luxor S 31 88

Barclna. S 15 59 Madrid S 11 53

Beirut • F 19 66 Majorca F IS 59

Belfast C 6 43 Malaga C 20 68

Eelqrd- s 14 57 Malta S 19. 68

Berlin R 4 39 Mchstr. F 5 41

Biarritz C 8 46 Melbne C 17 63

BmgJim. C S 41 M'ntrea) C J 34

Blackp'l C S 41 Moscow S 4 39

BonJx. R 5 41 Munich S B 43

Boulgn. C 6 43 Nairobi R 23 74

Bristol C 6 43 Nantes C 14 57

Brussels C 5 41 Nwcsti C 5 41

BudDST. F 12 54 N. York S 11 52

B. Aires S 15 69 Nice F 13 55

Cairo S 26 68 Oporto F 14 57

Cardiff F 6 43 Oslo C 6 43

Cas'b'ca S 17 63 Pari* F 7 45

Caoe T. S 23 74 Perth S 19 m

Chicago F 3 48 Prnnite F B 48

Cologne B 2 36 BeyWvfe, S 7 36

Confirm. C 4 39 Rhodes S Ifl «

Corfu C IB 61 Rio J’o C 26 OT

Dublin R 3 37 Romo R 13 55

Dbrvnk- C 11 57 Snlzb'm S m FO

Erfnbnh. C 6 41 Sinnanr. C 29 M

Faro F 16 61 StcHim. C 2 36

FrankPt C 5 .41 Strnsbrj. C B 43

Funchal C IB M Sydney C 21 70

Geneva C 4 39 Tangier F H B3

Gibrltr. F 17 S3 Tehran S 30 76

Glasgow C 7 45 Tel Aviv S M BS

G'rnsey C 4 39 Tokyo C 10 W

Helsinki C 4 39 Toronto C * 39

H. Kong C 15 59 Tunis S M 88

Innsbrk. F S 4R Valencia -5 17 63
Invmss. C S 41 Venice C 9 48

Jersey F 5 41 Vienna S 12 54

Jo-burg S 20 79 W*«aw £ 7 4C *

l. P!m*. F 19 W'Zurjeh S 7 45

C — Cloudy. F— Fair. F£-fog. ft— Rain.

5— Sunny, SI— Sleet. Sn— Snow.

Lonrho increases bid

BY JAMES BARTHOLOMEW

SIR HUGH FRASER, deputy
chairman of Scottish and
Universal Investments, and Mr.
James Gossman. a director, will
recommend a revised offer by
Lonrho for Scottish and
Universal Investments.

Lonrho had raised its hid by
£3.3m to £43.5m yesterday.

The move came soon after its
announcement that the attempt
by Gulf Fisheries of Kuwait, its
largest single shareholder, to
put two nominees on the board
had been overwhelmingly
defeated.

Lonrho will now offer 115p
cash and one Lonrho share for
every share of SUITS, valuing
the Scotland-based investment
company at £61 Jim. Lonrho
already owns just over 29 per
cent.

Sir Hugh, who is in Van-
couver, recommended Lonrho’s
first offer a year ago. but then
opposed the offer 1 announced
last month. .

Charterhouse Japhet, finan-
cial adviser to SUITS, yesterday
challenged Lonrho's statement
that the new offer was an
attractive proposition “having
regard to the sound position of
Lonrho and its undoubted

potential for further growth.”

Mr. Bruce Fireman, a director
of Charterhouse, said he wanted
to see a justification of these
claims in Lonrho’s offer docu-
ment since the Monopolies Com-
mission report last month
stated that Lonrho's profits,
excluding asset revaluations
and associates' profits, had
fallen in the past two years.

The Commission had also said
Lonrho was negotiating a £50 m
loan. No details had so far
been announced, Mr. Fireman
said.

Earlier yesterday. Mr. Paul
Spicer and Mr. Philip Tarsh
were re-elected to the Lonrho
board by 97.5m to 46.3m votes.
This vote meant that a poll on
the motions to appoint Mr.
Thomas Ferguson and Mr.
Ewan McDonald, nominees of
Gulf Fisheries of Kuwait, in
their place, became unneces-
sary.

Lonrho shareholders voted in
force, and just over 76 per cent
of the group’s shares were
committed one way or the
other.

Lonrho rubbed in the defeat
yesterday by asserting that
44m of the 46m votes cast on

Gulfs side came from Gulf and
its associates. Another 2m of
the votes were cast by “ a large
investor associated with Sheik
Nasser's (chairman of Gulf)
advisers,” Lonrho said an a
statement almost sure to refer
to Save and Prosper unit trust
group, one of whose substantial
shareholders, Robert Fleming,
had advised the Sheik.

Lonrho claimed: “The result
thus demonstrates, once again,
the solid confidence of Lonrho’s
shareholders in their board.”

In the takeover battle for
SUITS, the shares of Lonrho
held by the institutions could
be important: Of 15 Insurance
companies, pension funds, unit
trusts and investment trusts
questioned, only fonr held any
shares at all in Lonrho and
three of them held them only
for the high yield.

This apparent lack of con-
fidence in Lonrho could affect
the bid outcome because of the
decision facing some institu-
tions on whether to accept
Lonrho shares in place of hold -
togs- they might have in SUITS.

The major source of institu-
tional disquiet was the location
of Lonrho’s assets and earnings.

Shell increase is halved

BY KEY1N DONE, ENERGY CORRESPONDENT

THE PRICE Commission is to
investigate oil product price in-
creases proposed by Shell and
has decided to allow only half
the price rise sought by the oil
company as an interim increase.

The commission's move took
the oil industry by surprise,
and will cause confusion ic oil
product markets.

Shell has been allowed an
average increase for all pro-
ducts of 1.5p a gallon, but it
bas not yet decided how to
apply the increase. It is pro-
bable that the bulk of the in-
crease will fall on petrol rather
than spread evenly across all
products, including heating oil,
aviation fuel and fuel oil.

All the other major oil com-
panies, including Esso, BP,
Texaco and Mobil raised whole-
sale oil product prices from mid-
night last night by an average
of 24-3p a gallon.

Most companies are also
weighting the increases towards
petrol.

The largest increase wiH be

applied by Texaco, which is add-
ing 4±p a gallon to the wholesale
prices for petrol, diesel, gas oil
and burning oil, with an in-
crease of 3.6p a gallon on the
wholesale price for all grades of
fuel oil.

For most brands of petrol the
price of a gallon of 4-star is
now likely to rise at the pump,
once VAT and dealers' margins
are included, by 3p-5p a gallon
bringing the price up to S7p-8flp
a gallon.

The oil companies are already
working on a further round of
notifications for the Price Com-
mission to be submitted soon. It
will be the third price increase
within four months, as com-
panies move to recover their
increasing oVls following the
erode oil price increases im-
posed by OPEC members.

The level at which crude oil
prices will settle in the second
quarter is still unclear as a
result of the variety of sur-
charges and premiums which
are being imposed by the pro-

ducer countries. But the oil
companies will submit proposals
for a new round of increases —
which will take the price of 4-
star petrol well above 90p a
gallon — as soon as the position
is clarified.

Rises sought by three oil com-
panies are under investigation
by the Price Commission — Esso,
British Petroleum and Shell, the
three market leaders in the UK
The Esso and EP investigations
should be completed by May 16
and Shell by July S.

Increases by other companies
have been left untouched.

Shell has been allowed an
average increase of 3 per .cent
against its application for 6 per
cent This is equivalent to L5p
a gallon, inclusive of VAT and
duty. Esso has been allowed L9p
a gallon across all products, ex-
clusive of duty and VAT and
BP has been allowed 2.6p a gal-
lon. inclusive of duty and VAT.

BP and Esso have been
granted their price proposals in
fulL

Continued from Page 1 Continued from Page L

n Dunlop protest

interest rates will not be re- nr x

duced any further. _ The Dunlop imports a large

authorities are determined to raw materialslnd

^ and exports a wide range
of 1977 when MLR was cut to 5 of g0Q£ i^ including tyres, sports

equipment and ipSSst en-
while sterling gingering products- Much of

y 33 he iiif, wn : Th ' s ™ P ™? the imported raw material is not
tice undermined monetary con- ldentifiable as Dunlop imports.

So if yesterday’s measures do Rhys David writes: Mr. Ken
not check the inflows the pres- Johnson, the administration
sures will presumably be re- director of Dunlop, has accused
fleeted in the exchange rate. the Speke labour force of
Tbr authorities’ options are largely bringing the closure on
limited during the four weeks their own heads by ignoring the
before the election and the cut persistent warnings over the
in MLR has all the appearances fast See years of the need for
of a holding operation until a improvedr esults.
more fundamental review can Mr. Johnson claimed that in

be undertaken. Mr. Gordon 1977. when the plant made a

Richardson, the Governor of £2.4ra loss, only 60 per cent of
the Bank, is known to favonr a working hours had been used
relaxation of outward exchange effectively and production of
controls, and this has also been the four main types of tyre had
pnblicly supported by Conserva- not reached 75 per cent of
tive leaders. target

Out Dublin Corre spon dent Productivity at the plant was
writes: The continuing strength the worst amon th** group's nine
of sterling means that the Irish European factories and its
punt is at its lowest value wastage was the highest- The
against sterling since the two main contributory factors behind
parted company on Friday. At the low level of output had
yesterday's close, it stood at been stint working, a system of
£0.9848. compared with £0.9880 producing a predetermined
overnight. amount and no more, no matter

But the punt remained firm how many hours of the shift
against other currencies in the remained, demarcation disputes,
European Monetary System. and extensive rate re-bargaining

Dunlop imports a large
amount of raw materials and
tyres and exports a wide range
of goods, including tyres, sports
equipment and specialist en-
gineering products. Much of
the imported raw material is not
identifiable as Dunlop imports.

Rhys David writes: Mr. Ken
Johnson, the administration
director of Dunlop, has accused
the Speke labour force of
largely bringing the closure on
their own heads by ignoring the
persistent warnings over tbe
past five years of the need for
improvedr esults.

Mr. Johnson claimed that in
1977. when the plant made a
£2.4rn loss, only 60 per cent of
working hours had been used
effectively and prod action of
the four main types of tyre had
not reached 75 per cent of
target

Productivity at the plant was
the worst amon the group's nine
European factories and its
wastage was the highest The
main contributory factors behind
the low level of output had
been stint working, a system of
producing a predetermined
amount and no more, no matter
how many hours of the shift
remained, demarcation disputes,
and extensive rate re-bargaining

even for minor changes in work-
ing practices.

In the first half of 1978 the
losses had increased to £I.6m
and the decision to close Speke
had had to be taken to protect
group profitability and other
employees.

The joint actioo committee
at the plant challenged Mr.
Johnson’s statements, however,
clai m ing that moat of Speke's
problems stemmed from lack
of investment

Mr. Tony Lane, a spokesman
original cost of plant and
equipment at Speke was £9.5m
but the current book value was
only £2. 5m. Investment had
exceeded depreciation in only
one year since 1972. Much of
the equipment waent back 'to
1945 and there were some
pieces which were pre-first
world war, he said.

The committee also claimed
that the refusal to do more
than a set amount of work on
a particular shift had been
introduced because men were
being laid off because of bottle-
necks elsewhere in the produc-
tion line. Comparisons of pro-
ductivity between Speke and
other plants were • invalid
because of a different .product
mix and older equipment

Veto urged
on bids for
National
Airlines

By John Wyles In Now York

THE U.S: Civil Aeronautics
Board was yesterday strongly
recommended by one of its
administrative law judges to
veto rival moves to acquire
National Airlines by Pan Ameri-
can World Airways and Texas
International Airlines.

The ruling by Judge William
Dapper win have to be endorsed
by both tbe board and President
Carter before tbe merger appli-
cations can be pronounced dead.
But the judge’s findings will be
a bitter disappointment to both
Texas and Paii Am which both
felt that -they had a strong case
to be allowed to press ahead in
their bids to acquire National.

The Importance of the judge’s
pronouncement lies in it being
the first verdict os a merger
proposal involving major air-
lines since the Airline De-regula-
tion Act was passed by-Congress
last November.

Since then a CAB judge has
recommended approval of a
merger between two Small
regional airlines. North Central
and Southern, but the bids
involving National have always
been seen as the add test of the
Board's attitude to mergers in
the deregulated era.

Essentially, Judge Dapper's
stand was. based on the view
that a fusion of either TXLA or
Pan Am with National would
tend to reduce competition
within the industry. He observed
that last year’s Deregulation
Act intended to establish a.
regnlatoiy regime “in which
vigorous competition . between
air carriers would be the touch-
stone”

Both Texas and Pan Am were,
be said, potential entrants on a
number of National’s routes but
a merger of the former with
National would actually reduce
competition on routes from New
Orleans and Houston. A Plan
Am-National link, on the other
hand, would lessen competition
on routes between UJS. and
Europe.

The board is expected to
wait until June or July before
giving its ruling to allow com-
pletion of hearings on Eastern
Airlines’ application to" buy
National

Although in the past It has

been the policy of the Bdhk of o q cn *r

England to hold the fliiawia] . IDOCX JOSC o*” to Jo2>7
markets steady daring election

campaigns, the Bank has never ■ ' — ■ ' ' - -

had to cope with quite such an fern 11

indexible policy on monetary. |20 vimBimac&nag

growth as it is now trying to- ..

administer. It is a basic feet of - .JY r^l. -

life that interest rates, . the , ~

exchange rate and the money

supply cannot be controlled all on. r — rrq

at once, and. the Bank is not - I. Overseas

going to repeat the misrakfs of |||f gg|f If.

The apparent message of y6s- H[ LJ §§§ U m ’

terday’s moves is that the M WL SSU wm‘

authorities win try to keep MLR . L*® - ] i it Wg ||j9-
stable at 12' per cent,. and ‘will -

do their best to stop the 'steel- =• , jr-fsH p k m | M .

hog M3 from overshooting too 9 Sml (Bm Kt Wm

much, but the sterling exchange" ■ wm. | P| W§ Igi

rate will have to look after

itself. The immediate reaction 1 m J

was a rise in -sterling to equal

the 1978 index peak at 66.7, product areas will^-as it claimed
while gilt-edged, expectantly, yesterday r- 1 "progressively
managed a lata surge. - ■ become evident in the "trading

results.TTbeyield on the shares;
GKN at any rate,- has edged just below

managed a lata surge. - become evident in the "trading

results.TTbeyield on the shares;

• - at any rate,- has edged just below

10 per cent

After tiie Lucas figures the
market had -become nervous T aHfirntp f!rnim
about GKN but there , was no ^ acH,r OKe \*rOlip ,
need: a profits 'outturn of £87.3m ' Despite the impressive per-
before tax (but after additional, formance over the years, cul-
depreciation) -.compares with' minating in a 70 per cent in-
£72.3m for 1977 and expecta- crease in pre-tax profits, to
tioh5 of around -£80m. Thanks £41.4m in 1978, investors
to a strong showing in Germany' are still nervous about the
the motor components side man- quality of Ladbroke’B earnings,
aged to absorb a second half Although the shares rose 13p to
setback in the UK, so that this 239p yesterday, they sell on a
division achieved' an unchanged multiple of less than six- limps
trading profit of ! £47m for the earnings,
year. The group- has' been trying

- Meanwhile the. general- and hard to improve the balance of
civil engineering side responded its business by. diversifying into
well to a slight improved trad- jhe hotel and holiday fields but
mg climate an d to eH mination of it is clear that it is still heavily
unprofitable activities, scoring-a dependent an «asmh profits. The
sharp advance . from £10m to Royal n fwimiasin n hn flamh]hi g
£23m. With primary metals and has already . recommended
the- distribution- division show- swingeing tax - increases' -on
ing modest recovery, and tbe casinos,' and now Ladbroke lias
contribution frpm associates admitted that the police will
(including Sachs ‘for the last probably challenge the itmnial
time) much higher than in .the renewal of its London casino
first half, GKN managed Yto hcencesVnext month. '
please the market enough to. - With this sort of axe han^ng
leave its share price 24p highek over , it? head Ladbroke .was
at 278p. - . .. ' .heing, rather, shy: yesterday

Neve rtheless the group s about revealing just how much
returns remain unacceptably money -Its . casinos made last
low in many, areas. UK trading year,. However, if a profit. im-
profits rose only £3.8m in 1978 provement.of .such a size did
to £56.3 m, still well below . the ndt largely come from casinos 1
1974 level,; while-overseas there and” betting, it is hard to know
was a £9.4in gain to £40m, a new , w here else it came £TOm Iir 1978.
peak. -One consequence is a . .

Cad&nry Schweppes

share to 7 per cent at 26.7p (or- Cadbury Schweppes’ 1978
40.8p on a historical cost profits are unchanged 4t £4S.2m
depreciation basis). There is pretax, but the group 'expects a
big potential In the U.S., where “-material improvement’’ . in
export business was up two- 1979. The suggestion is that
thirds to £72m last jeag. The Cadbury has- deliberately • sacri-
major question for GKN, how- Seed .short term growth' in
ever, is whether its attempts to order to build on .the strength
streamline its organisation ond' of its major brands and improve

its- operating efficiencies — and
that the pay*off starts this year.

Thus Canada should swing
from losses to profits following
the closure of excess capacity,
and the group’s market shares
in the U.S. are i m pr o ving. North
America- as a whole could be
heading for pretax profits of,
say, £4m or £5m after making
- very little contribution in 1978. ■
The Australian company hopes
to elaw back last year’s profits
decline of over £3m, while the
UK tea and food business—
about £2m down last year — is
also looking' for recovery.

Most important of all, a con-
tinuing programme of plant
closures is helping to put
Schweppes back on a sound foot-
ing in the UK and a much
higher advertising budget is
having an impact on market
, shares in confectionery and soft
drinks. . The shares are still dis-
tinctly heidtaiit at 57p, where
the yield is 9} per cent But on
the 10th anniversary of what
' has proved to be an Hi-conceived
merger, it does look as though
things at last are' beginning to
stir at Cadbury Schweppes.
And it is recognised that the
grass is greener at -home: con-
centration rather than diversifi-
cation is now the -theme.

Itowater

Despite the depression in the
pulp Industry and continued
losses - on its UK newsprint
business. Bo Water pushed over-
all pre-tax profits marginally
higher last year, to £90m from
£87 nj. . Exchange fluctuations
again had a marked effect* an
unchanged gterling/dollar rate
through 1978 would have meant
a gain in profits of about £5m,
but on the credit side, the weak
Canadian' dollar again gave a
strong volume boost to the
group s sales from Canada into
the UJS. So far this year the
currency movements are all un-
favourable^ with the Canadian
dollar hardening against the
U.S. dollar, while sterling is still
advancing.

- But recently the pulp market
has tightened considerably and
higher prices are being success-
filly passed on. The current
year should see better perform-
ances from packaging and com-
modity. trading as well, and
Bowater should be able to move
off its profits plateau. However,
increasingly heavy costs from
the Calhoun mill in Tennessee
will be tarried until it starts
production later this year, and
the real improvement in profit
may not show through until
1980.. At 195p the shares yield
a solid 8.6 per cent on a p/e
of 8. ' •

IP

V

THE PLAIN

BUSINESS JET FACTS:—

1. WORLD'S LARGEST BA125 CHARTER FLEET

INCLUDING EXTRA RANGE SERIES 700

2. CREWS OF HIGHEST PROFESSIONAL

STANDARDS

3. FULL AIR OPERATOR'S CERTIFICATE

4. LINK FLIGHTS WITH MAJOR AIRLINES

5. EXTENSIVE MIDDLE EAST EXPERIENCE

6. FULL FIXED BASE OPERATOR

7. PURPOSE BUILT EXECUTIVE AIR CENTRE

8. IN-HOUSE FLIGHT CATERING DEPARTMENT

9. FULL ENGINEERING FACILITIES

10. BASED ONLY 30 MILES FROM CENTRAL

LONDON

. . . if you're still not convinced
we can serve you, call John Keebie
on Luton (0582) 24182 Telex 82185

McALPINE AVIATION LTD!, LUTON AIRPORT, ENGLAND

Rtoineisd at the Poet, Office. Frintad- by St. Cfamant'a Pn«s for *nd tuibllRhmf

!5? R“B«a» Tmea Ltd „ Bn chwi HooM, Cannon -Street; Lxmdoft.'

v “ '' y,'- ■■ 9 Tfio -Financial -Time* Ltd,, 1 979"

9